The average rate for 30-year fixed-rate mortgages with conforming loan balances rose five basis points to 3.65 percent.
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The group’s seasonally adjusted gauge on loan requests for home purchases, a leading indicator of home sales, declined 2 percent last week. Adjustments were made to the prior week due to the July 4 holiday.
And keeping the seesaw trend alive was the refi market: the Refinance Index dropped one percent from the previous week but the refinance share of mortgage activity increased to 64.2 percent of total applications from 64 percent the previous week.
The 30-year fixed mortgage rate on Zillow® Mortgages is now 3.32 percent, up four basis points from this time last week. The average interest rate for a 15-year fixed-rate mortgage increased to 2.90 percent from 2.88 percent.
Mortgage News Daily noted Tuesday that rates had been increasing slightly, with lenders quoting interest rates of 3.375% to 3.50% for top-tier borrowers, up about 0.125% from early July lows.
The adjustable-rate mortgage share of applications decreased to 5.1% from 5.2%, while the Federal Housing Administration share decreased to 9.9% from 10%.
30 year VA loan interest rates have been quoted at 3.375% and April of 3.5596%. The VA share of total applications decreased to 11.2% from 12.1% the week prior. The U.S. Department of Agriculture share of total applications was about 0.5%, down from 0.6%.
The following chart shows the average interest rate for 30 year and 15 year fixed rate mortgages since 2006 as well as the purchase, refinance and composite loan volumes. The effective rate decreased from last week.
The 5 year ARM deals at Suntrust are on the books at 3.125% with a starting April of 3.5286% which will change as interest rates adjust.
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Standard 30 year FRM interest rates are available starting at 3.490% at Suntrust Banks (NYSE:STI) today yielding an April of 3.6068%.
