Mortgage rates have inched upward. If the trend continues, it could make affordability even more of a roadblock to would-be buyers.
The 15-year fixed-rate mortgage remained unchanged from the previous week at an average of 3.15%, according to Freddie Mac. The 5/1 adjustable-rate mortgage averaged 3.43%, rising four basis points from a week ago.
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Weekly mortgage refinance applications surge over 300% from a year ago, but there's a catchContinued low mortgage rates are keeping bankers busy, as refinance applications continue to rise. Refinance volume helped push total mortgage application volume up 1.5% last week compared with the previous week, according to the Mortgage Bankers Association. Volume was 153% higher compared with the same week one year ago. This week's annual comparisons are skewed, however, because last year the Thanksgiving holiday fell one week earlier, so these results are being measured against a holiday week.
Source: CNBC - 🏆 12. / 72 Read more »