According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates were up last week, with increases seen across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The increase was driven by economic speculation and a stronger global economy, according to Joel Kan, an MBA economist. “Rates increased last week as speculation over the next Fed chair continued, and the European Central Bank announced plans to taper its asset purchase program, signaling increased confidence in the euro zone economies,” Kan told CNBC. In short, as economic confidence rises, so will interest rates. Still, despite higher rates, demand for home purchase loans remains 10 percent higher than it was at the same time last year – though it did fall from one week earlier. Refinance activity was also down from the week before. Rates may have been up some but Eastern, NC did not seem to be phased at all by it. This area continues to build new homes and that along with existing homes on the market and lower rates than in the past, has kept this area a popular area to live in with moderate home prices. 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/.
The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. More here.
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