According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates moved higher for the second consecutive week last week. Rates were up across all loan categories, including 30-year fixed-rate mortgages, loans backed by the Federal Housing Administration, and 15-year loans. Joel Kan, an MBA economist, told CNBC that rates are being driven higher by economic conditions. “Rates moved higher last week driven by concerns over a weaker U.S. dollar, signs of more robust growth and rising rates abroad, and moderately strong fourth-quarter domestic growth,” Kan said. With rates rising, there was a decline in mortgage application demand. The number of homeowners looking to refinance and potential buyers requesting applications for loans to buy homes both saw a drop, with total demand falling 2.6 percent from the week before. However, mortgage rates still remain low by historical standards – though there is a belief that, with a strengthening economy, interest rates could rise further this year.

Although interest rates have gone up some, the areas of Eastern, NC are not seeing a slow down in the housing market. There are many new homes being built in this area, in many sizes, styles and price ranges, so there is something for everyone. This area does not see bidding wars like so many other areas and there are down payment programs and lending programs in place to help with buying homes. To see some of the homes available in this area go to: http://www.firstcarolina.com/listings/ or join social media at: https://www.facebook.com/fcrhavelock/?notif_t=page_admin.  

The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.

Mortgage Rates Going Higher 

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