Rates on a 30-year FHA-backed fixed-rate loan rose from 3.64% to 3.66%. When the loan adjusts, rates could be significantly higher.
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The average rate on 15-year fixed-rate mortgages advanced to 2.89 percent from 2.85 percent last week.
The decrease in applications for refinances was partly attributable to the fact that mortgage interest rates crept back up slightly.
“Rising oil prices and an improved outlook for global economic growth combined with declining U.S. jobless claims to push U.S. Treasurys higher during the latter half of last week”, said Lynn Fisher, MBA’s vice president of research and economics. Meanwhile, refinance applications also decreased 5 percent from the previous week.
The shorter term 15 year fixed rate loans start at 2.875% at the bank with an April of 3.1481% today.
15-year FRM this week averaged 2.89 percent with an average 0.6 point, up from last week when it averaged 2.85 percent.
The National Association of Realtors (NAR) reported Wednesday that existing-home sales rose 5.1 percent to a seasonally adjusted annual rate of 5.33 million in March from a downwardly revised 5.07 million in February and 1.5 percent year-over-year.
The 5 year ARM interest rates at Suntrust can be had for 2.875% and an April of 3.4365%.
That was a big improvement over the previous month, when 30-year fixed rates averaged 4.11 percent, according to the regulator of Fannie Mae and Freddie Mac.
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There are now 18,653 mortgage products on the market, up from 17,653 in February, a rise of 5.66%, giving borrowers a wealth of low-priced deals to choose from. But indications are that all of the increase could be reversed in the next rate report. “Buyer demand remains sturdy in most areas this spring and the mid-priced market is doing quite well”.
