WASHINGTON–Mortgage rates increased again last week. Freddie Mac’s Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 4.16% for the week ending Feb. 23, up from 3.62% at the same time one year earlier.
The 15-year fixed-rate mortgage averaged 3.37% for the week on the same date, up from 2.93% one year earlier.
At the same time mortgage application volume decreased during the week ending Feb. 17, according to data released by the Mortgage Bankers Association. The MBA’s Mortgage Applications Survey found a 2% decrease in total mortgage applications. The Refinance Index decreased 1% and the unadjusted Purchase Index increased 2%, the MBA said. The refinance share of total mortgage applications decreased to 46.2% last week, the same data show.