Results from the Mortgage Bankers Association's Weekly Applications Survey reveal a movement in rates two weeks ago. Rates were up across the board for most loan types as compared to the previous week which saw rates falling. By week's end, mortgage interest rates remained the same for a 30-year fixed with conforming loan balances but increased for jumbo loans, FHA Loans and 15-year fixed mortgages.
"Interest rates rose on Friday after dropping throughout the middle of the week" MBA's chief economist Mike Fratantoni told CNBC. "However, refinance activity saw a pick-up."
While the Refinance Index increased 4 percent from the previous week, The Purchase Index was down but 17 percent higher than same week period the year before. The Purchase application is a forward leaning indicator of existing home sales and sales of condos as it shows the number of buyers at the beginning of the home buying process. The MBA's weekly survey began in 1990 and surveys 75 percent of all residential mortgage applications.