Mortgage rates increased last week but remain historically low, according to the Mortgage Bankers Association’s Weekly Applications Survey. The average contract interest rate for 30-year fixed-rate mortgages rose to 4.19 percent last week from 4.06 percent the week before. The average rate for a jumbo loan increased to 4.49 percent. Rising rates led to a drop in overall mortgage application demand. The Market Composite Index, which measures total application volume, was down 7.4 percent. But despite a 9.3 percent drop in the Refinance Index, the Purchase Index fell just 1.0 percent and remains up 3.25 percent over the past month. The average size of a loan to purchase a home was $225,463 in February, up from $216,888 the previous month. More here.
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