Another weekly increase in mortgage rates scared off more mortgage shoppers. Meanwhile, jumbo mortgages grew less attractive compared to conforming loans.
The Mortech-Mortgage Daily Mortgage Market Index fell to 205 for the week ended Wednesday from 221 a week earlier. During the same week last year, the index was 191.
Again, the decline in new activity was accompanied by a decline in the refinance share, which fell to 51 percent from 52 percent seven days ago. This week’s share reflected a 35-percent rate-term share and a 16-percent cashout share.
The 30-year conforming mortgage rate increased to 4.961 percent from 4.906 percent last week, while the 30-year jumbo loan averaged 5.740 percent, up from 5.640 percent. The jumbo-conforming spread widened to 78 BPS from last Wednesday’s 73 BPS.
