The Mortgage Bankers Association report indicates that applications are up 4.7. The 30 year fixed average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained decreased to 4.19 percent from 4.20 last week.
The average rate on a 30-year fixed-rate mortgage ticked up by 4 basis points last week to 3.94%. However, expectations are for longer-term rates to begin to rise later this month. The Federal Reserve is likely to raise short-term rates, jobs figures are robust, and core inflation is essentially in the target range. 10-year treasury rates have already increased to 2.4%, and mortgage rates will likely begin to follow suit gradually.