Interest Rate Rise Ushers in 1.3% Decline in Mortgage Applications

A stronger jobs market report for October has lead to a rise in mortgage rates for the third week in a row. The average 30 year fixed-mortage rate increased to 4.12% after a bit of a decline since August. This jump didn’t quite affect the volume of mortgage applications as much as had been expected. The Mortgage Bankers Association indicates that mortgage application volume fell on a seasonably adjusted basis.

The rise of home loan rates follows an indication by the Federal Reserve that a December interest rate hike was possible. Presently, the average monthly payment at 4.1 percent on a $200,000 mortgage is about $967.  Refinancing did not seem to suffer much, remaining at around 59.5% of total applications from last week. Mortgage application volume saw some significant swings in October due to the implementation of several TILA-RESPA regulatory changes. These new regulations are geared toward aiding borrowers in understanding the risk factors and actual costs related to mortgages.

 

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