According to a study conducted by the U.S. Mortgage Bankers Association (MBA), the seasonally adjusted mortgage application index increased by 0.6%, reaching 179.3 points.
Additionally, according to the weekly report published by MBA, the purchase index increased by 0.7%, reaching 137.5 points, while the refinancing index increased by 0.3%, reaching 385.8 points. There seems to be a growing demand for both home purchases and refinancing existing mortgages.
Rising Interest Rates
Despite this increase in mortgage applications, 30-year mortgage rates continue their upward trend. The 30-year mortgage rate has increased over the past five weeks, reaching 7.67%, representing the highest level seen since December 2000.
The 15-year mortgage rate also increased by 11 basis points to reach 6.97%. However, the 5-year ARM (adjustable-rate mortgage) interest rate decreased by 16 basis points, falling to 6.33%.
Increase in Jumbo Home Loan Interest Rates
30-year mortgage rates for jumbo home loans (those exceeding $647,200) also increased by 19 basis points, reaching 7.70%. This marks another historical high for jumbo home loan interest rates.