Mortgage rates rise

Mortgage rates rose for the sixth week in a row, according to Bankrate’s weekly survey of lenders. The 30-year fixed-rate mortgage climbed 7 basis points to 4.51 percent. That’s the highest point for the 30-year fixed since April 2, 2014, when the average rate was 4.54 percent.

Meanwhile, the housing market isn’t showing any love to potential homebuyers this week as inflation fears and market jeers added additional pressure to mortgage rates. The Consumer Price Index, released Tuesday, showed higher prices than expected. That, combined with lingering jitters from last week’s volatile stock market are likely responsible for the dip in this week’s mortgage applications. 

Although mortgage applications decreased 4.1 percent from one week earlier, according to data from the Mortgage Bankers Association, they’re still showing a double-digit increase from this time last year.

“Mortgage applications for new homes surged in January and were up 18 percent on a year-over-year basis,” said Lynn Fisher, MBA Vice President of Research and Economics. “This complements other positive news on U.S. job growth suggesting that economic fundamentals are strong.”

 

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