Mortgage applications drop as interest rates rise to 9-month high

Mortgage Applications Increase As Mortgage Rates Drop Last week’s interest rates decreased due to international concerns in the Middle East and Ukraine, which also brought mortgage rates down. Perhaps due to these low rates, this week, mortgage applications have increased 1.4% compared to last week.

That makes previously unaffordables homes affordable, to the tune of $200 per month on a $350,000 mortgage, for every 1% rate drop. In 2018, buyers were sitting the fence. Now they are jumping off.

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I hate to be the bearer of bad news, but as you might expect, mortgage rates are expected to move higher over the next few years. This isn’t a surprise, given their current historically low levels. But because a 30-year mortgage rate in the high 3% range has become the new normal, some might get sticker shock. Anyway, let’s get to those.

When Interest Rates Rise: Winners and Losers Mortgage rates this week. A year ago, it was 4.02 percent. Four weeks ago, the rate was 4.71 percent. The 30-year fixed-rate average for this week is 0.14 percentage points below the 52-week high of 4.80 percent, and is 0.71 percentage points higher than the 52-week low of 3.95 percent.

Mortgage lenders hate it when they have a client with a locked loan closing in a few days, and then interest rates drop. They don’t want to lose you if they can avoid it.

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The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($453,100 or less) decreased from last week’s 4.86% to 4.84%. Yet, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $453,100) only decreased from 4.81% last week to 4.73%.

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A mortgage rate lock (also called a lock-in) is a lender’s promise to hold a certain interest rate at a certain number of points for you, usually for a specified period of time. It’s meant to cover you for the time period while your loan application is being processed and you’re preparing for the closing on the house.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.21%, its highest level since October 2014, from 4.14%, with.