Jeff Adams Said Higher US rates put a damper on mortgage Details

Still a small rise in mortgage rates was enough to cut off the spigot on refinancing.Full loan application volume fell 2.6 % last week from the previous week, on a seasonally adjusted basis, according to the Mortgage Bankers Association. The drop was fueled by a 6 % fall-off in refinance applications

The normal contract interest rate for 30-year fixed-rate mortgages with conforming loan balance increased to 4.17 % from 4.13 % for the week end October 31st. By the start of this week, they hit their maximum level in nearly a month.

We are now right to the edging between the preceding 2014 lows and this new, lower range achieve over the past 3, 4 weeks. With 3 days of significant market events ahead we will likely see also a support of this barrier between simply a moves back up into the previous range of 4.125 % and higher.Mortgage application to purchase homes lastly crawled out of their slump, rising 3 % from the previous week. They had been lessening steadily for the past month.

Purchase application volume increased last week, but still remains almost 13 % below last year's level, said chief economist for the MBA. The growth in the pay for market is still only at the high end, with continued weakness at the entry level.

First-time home buyers are still at a historically low share of the market, according to a report earlier this week from the Part of that is still-tight credit, but most of it is higher home prices. The newest read on prices countrywide from CoreLogic showed them up 5.6 % from one year ago in September.