|
Mortgage rates were up modestly across the board this week.
The average 30-year fixed-rate mortgage rose 8 basis points, to 6.11 percent. A basis point is one-hundredth of a percentage point.
The average 15-year fixed -- a popular option for refinancing -- ticked up 5 basis points, to 5.7 percent. The average jumbo 30-year fixed moved up 2 basis points, to 7.34 percent.
Adjustable-rate mortgages also moved higher. The one-year adjustable-rate mortgage increased 10 basis points, to 6.55 percent.
The popular 5/1 ARM -- which had dropped dramatically over the past month -- reversed course and moved 7 basis points higher, to 5.92 percent.
Meanwhile, the Mortgage Bankers Association reported that mortgage application levels fell sharply for the week ending April 18. Activity sank a seasonally adjusted 14.2 percent from a week earlier.
Refinancing was down 20.2 percent while applications for purchase fell 6.4 percent.
-- Chris Kissell
See
mortgage rates in your area. |