Wednesday, July 23, 2008

MBA: Mortgage Rates Up Sharply

by Bill McBride on 7/23/2008 08:40:00 AM

The MBA released their weekly survey of mortgage applications and interest rates this morning: Mortgage Applications Decrease In Latest MBA Weekly Survey

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.59 percent from 6.22 percent ...

The average contract interest rate for one-year ARMs remained unchanged at 7.16 percent ...
Note: this data is for the week ending July 18. Based on the WSJ and NYTimes reports last night, rates for 30 year fixed mortgages have increased more over the last few days.

Also note that purchase loan applications were off sharply.