Fixed rates mortgages made a sixth straight week of upward bound rates according to the Freddie Mac Weekly Primary Mortgage Market Survey for the week ending August 4.
The 30 year fixed rate averaged 5.82 percent, up from 5.77 for the previous week. Fees and points were also up from 0.5 to 0.6. The 15-year fixed increased 4 basis points to 5.38 percent with fees and points moving lockstep with the 30 year loan.
The 7-1-year ARM barely budged, but its 1 basis point move was on the plus side, with the product averaging 4.47 percent. Fees and points were unchanged at 0.7. It was also the sixth week of increases for the 1-year ARM. The 5/1 hybrid ARM was up for the third week in a row at 5.30 percent compared to 5.27 percent the previous week. Fees and points also increased 0.1 to 0.7.
The Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending August 5 also reported increased rates for each of the three products it tracks. The 30 year increased to 5.91 percent form 5.83 percent the previous week Fees and points (including the origination fee also jumped from 1.16 to 1.24 for 80 percent LTV loans.
15-year fixed rate mortgages averaged 5.49 percent as compared to 5.41 percent the previous week and points took a healthy hop from 1.13 to 1.29. The 1-year ARM increased 10 basis points to 4.88 percent while points decreased very slightly from 1.0 to .99.
While still running over 20 percent above last year at this time, MBA's Market Composite Index, a measure of mortgage loan application volume, was down 0.9 percent on a seasonally adjusted basis from last week and 1.3 percent on an unadjusted basis. Applications to refinance continued to slide, representing 40.9 percent of all mortgage application activity compared to 41.7 percent last week and over 45 percent a few short weeks ago. The adjustable rate mortgage share was up 8 basis points but now represents only 19.7 of all mortgage activity.