Mortgage Rates are Higher September 18, 2018

The benchmark 30-year fixed mortgage rate jumped seven basis points to 4.78 percent from 4.71 percent last week, according to a survery by ?The survey polls most of the big lenders in the nation.? The average rate for 15-year fixed mortgages also climbed five basis points to 4.21 percent, while the average rate for adjustable-rate mortgages, or ARMs, shot up six basis points to 4.20 percent.

Meanwhile, mortgage demand continues to cool as rates climb. Total mortgage applications dipped 1.8 percent from one week earlier, according to data from the Mortgage Bankers Association?s weekly survey ending Sept. 7.

A 6 percent drop in refinance applications drove the decrease, followed by a 1 percent drop in purchase applications, the MBA reported. Refinance activity has seen a resurgence in recent weeks as rates wobbled, but homeowners? interest in refinancing is waning as rates creep up again. Refinance activity fell to 37.8 percent of total applications from 38.9 percent in the week prior.