Quicken Loans, BMO Harris Bank Mortgage Rates Climbing Today Jul 6, 2017

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Thursday morning, noting an increase of 1.4% in the group's

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Thursday morning, noting an increase of 1.4% in the group’s seasonally adjusted composite index for the week ending June 30. On an unadjusted basis, the index increased 1% compared with the previous week.

The MBA’s refinance index decreased by 1.5% week over week, and the percentage of all new applications that were seeking refinancing dipped from 45.6% to 44.9%.

The average rate on “conforming” 30-year fixed-rate mortgages, for loans with balances that are $424,100 or less, rose to 4.20 percent from 4.13 percent the previous week.

The larger jumbo 30-year fixed climbed to 4.10 percent, and the average 15-year fixed mortgage rate was up to 3.37 percent. The seasonally adjusted Purchase Index increased 3% from one week earlier.

10 year loan interest rates are published at 3.250% today carrying an April of 3.456%. This week, 22 percent of the panelists believe mortgage rates will rise over the next week or so; 11 percent think rates will fall; and 66 percent believe rates will remain relatively unchanged in the coming week.

The average contract interest rate for 30-year, fixed-rate mortgages backed by the FHA increased to 4.04% from 4.02%, with points decreasing to 0.33 from 0.41 (including the origination fee) for 80% LTV loans.

The contract interest rate for a 5/1 adjustable rate mortgage loan rose from 3.31% to 3.37%, another high since May.

Overall single-family rent inflation was 3.1 percent on a year-over-year basis in May 2017 compared with May 2016.

This graph shows a comparison of the national year-over-year percent change for the CoreLogic HPI and CoreLogic Case-Shiller Index from 2000 to present month with forecasts one year into the future.

“For current homeowners, the strong run-up in prices has boosted home equity and, in some cases, spending”, said Frank Nothaft, chief economist at Core Logic.

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