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Mortgage Rates
- Has The Worm Turned?
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Wed, 20 Jul 2005 16:11:47 EST
Probably not, more likely he is spinning around until he doesn't
know which end is up. But rates were up for the third straight
week - except for the 5/1 ARM - for the period ending July 14
(for Freddie Mac) and July 16 (for the Mortgage Bankers Association.)
Three weeks does not a trend make, but given the roller coaster
ride borrowers have been on all year, it is at least a bit of
a direction!
The increases were, as usual, modest. Freddie Mac's survey showed
the 30-year up four basis points to 5.66 percent from one week
earlier and the 15-year up 5 basis points to 5.25 percent. Fees
and points for the 30-year held constant at 0.6, and the 15 year
declined from 0.7 to 0.6. The 1-year adjustable rate mortgage
increased from 4.33 percent to 4.39 percent while the 5/1 ARM
declined from 5.19 percent to 5.15 percent. Fees and points for
those two categories of ARMs stayed at 0.7.
The Mortgage Bankers Association reported that all three of
the loans it tracks were up and by slightly larger margins than
Freddie Mac saw. The 30-year increased to 5.72 percent from 5.62
percent the previous week although points (which in the case
of MBA include the origination fee) declined from 1.26 to 1.14.
!5-year fixed-rate mortgages increased from 5.21 percent to 5.28
percent and points dropped .02 to 1.26. One-year ARMS increased
to 4.63 percent from 4.56 percent and points also dropped .02
to 0.99 from a week earlier.
Mortgage activity increased slightly - 1.2 percent - from the
previous week on a seasonally adjusted basis and nearly 27 percent
when unadjusted. The previous week was holiday shortened and
represented the first decline in activity in many moons which
could account for the large unadjusted increase this week. Application
activity was 28.6 percent higher than the same week in 2004.
Refinance activity was up to 45.7 percent of total mortgage
applications after a bit of a decline last week and the adjustable
rate share of mortgages rebounded a bit to 28.5 percent of all
mortgage applications from 27.9 percent the previous week.
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