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(RTTNews) - Demand for mortgages in the U.S. fell last week as interest rates jumped to their highest level in about six months, industry data revealed Wednesday morning.
(RTTNews) - Demand for mortgages in the U.S. fell last week as interest rates jumped to their highest level in about six months, industry data revealed Wednesday morning.
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MBA: Mortgage Demand Down As Interest Rates Jump
(RTTNews) - Demand for mortgages in the U.S. fell last week as interest rates jumped to their highest level in about six months, industry data revealed Wednesday morning.
The Mortgage Bankers Association's seasonally adjusted composite index of mortgage application activity declined 2.3 percent in the week ended December 10.
Smoothing out fluctuations, the four-week moving average for the seasonally adjusted Market Index is down 4.7 percent.
Refinancing, which makes up more than three-quarters of demand for mortgages, slipped for a fifth straight week, declining 0.7 percent.
"Treasury rates increased last week following news that lower tax rates could be extended for another two years, boosting growth prospects. With this move, mortgage rates reached their highest level in more than six months," said Michael Fratantoni, MBA's Vice President of Research and Economics.
"Not surprisingly, with rates up more than half a percentage point over the past month, refinance activity has declined sharply," he added.
Meanwhile, purchase applications decreased 5.0 percent from one week earlier.
"Home purchase applications dropped this week following three weeks of increases, but remain near levels last seen in early May," said Franantoni.
The April expiration of a popular homebuyer tax credit caused the housing market to lose momentum in May.
The average contract interest rate for 30-year fixed-rate mortgages increased to 4.84 percent from 4.66 percent.
15-year fixed-rate mortgages increased to 4.21 percent from 3.98 percent. This is the highest 15-year fixed-rate observed in the survey since early June.
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