30 Year Mortgage Jumps Another 20 Basis Points
FreddieMac's weekly mortgage rate survey reports that the 30 Year Fixed Rate Mortgage climbed another 20 basis points last week, from 6.14% to 6.34%. It is now higher than it was at the same time last year, when it hit 6.31%.
Economists have been surprised by the rapid increase in the rate. In just six weeks it has shot up 1.13%.
8/07/03 6.34%
8/01/03 6.14%
7/25/03 5.94%
7/18/03 5.67%
7/11/03 5.40%
7/04/03 5.24%
6/27/03 5.21%
As expected, MBA's weekly survey of mortgage application activity reported a further decline in the Refinance Index. The Purchase Index moved up as potential homebuyers scrambled to make a purchase before rates create an affordability problem.
* Purchase Index: Increased 6.8%, from 427 to 456
* Refinance Index: Fell 3.4%, from 4,146 to 4,048. The Refinance Index has fallen from 9,978 in June to 4,048, which is a plunge of 60%.
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