Mortgage rates for 30-year and 15-year fixed loans, along with 5/1 ARMs, all moved higher again today, according to a NerdWallet survey of mortgage rates published by national lenders Wednesday morning.
Despite incredibly stable interest rates over the past seven days, mortgage applications fell by 6.2% from the previous week, according to the latest report from the Mortgage Bankers Association. This is the largest weekly decline in applications in more than six months, when fixed rates were over 50 basis points higher than they are today.
Applications for refinance mortgage loans were down by 9%, while purchase applications declined by 4%. Refinances continue to dwindle, and now make up only 45.6% of all applications, according to the MBA.
MORTGAGE RATES TODAY, Wednesday, JUNE 28:
NerdWallet daily mortgage rates are an average of the published annual percentage rate with the lowest points for each loan term offered by a sampling of major national lenders. APR quotes reflect an interest rate plus points, fees and other expenses, providing the most accurate view of the costs a borrower might pay.