Mortgage interest rates for fixed rate loans moved slightly higher for the second consecutive week according to Freddie Mac’s Primary Mortgage Market Survey® (PMMS) for the week ending October 17th, 2013.
An increase in applications to refinance current mortgages gave a very slight boost to the total number of applications reported last week while applications for home purchases continued to slump according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending October 11th, 2013.
The average interest rates for conventional 30-year fixed rate mortgages jumped from 4.27 percent in July to 4.49 percent in August according to the Federal Housing Finance Agency’s (FHFA) Monthly Interest Rate Survey, an increase of 22 basis points.
Signed contracts to purchase existing homes declined for a third consecutive month in August according to the National Association of Realtors® (NAR) Pending Home Sales Index (PHSI).
Existing home sales continued to tumble for a fourth consecutive week according to the National Home Sales Snapshot released by DataQuick with more declines possible as mortgage applications for home purchases lag behind last year’s levels.