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    Mortgage Rates Increase, Applications Decrease: Strategies to Secure a Low Rate Now


    Mortgage rates increased across the board last week, pushed higher by market expectations that inflation will persist and the Federal Reserve will maintain restrictive monetary policy for a longer time.[0] After five straight weeks of decreases, the 30-year fixed rate increased by 21 basis points to 6.39%.[1] According to Joel Kan, MBA’s Vice President and Deputy Chief Economist, “Mortgage applications decreased for the second time in three weeks because of these higher rates. Refinance borrowers, both rate/term and cash-out, remain on the sidelines as current rates provide little financial incentive to act.”

    The refinance share of mortgage activity decreased to 32% of total applications, while the adjustable-rate mortgage share of activity rose to 6.9% of total applications.[2] Rates for 30-year fixed, 15-year fixed, 5/1 ARMs, and jumbo loans all rose last week.[3] The Refinance Index showed a 13% decrease from the week before, and was down 76% compared to the same week a year prior.[4] The Purchase Index decreased 6% from one week earlier and was 43% lower than the same week one year ago.[4]

    Data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that applications for mortgages decreased by 7.7 percent from Feb. 3 to Feb. 10. On Friday, the 30-year mortgage rate average increased by 18 basis points to reach 6.74%, the highest it has been since the 5th of January.[5]

    For potential buyers looking to secure a mortgage, it may be beneficial to act sooner rather than later, as the Fed may raise rates higher in the future.[6] Improving your credit score, researching the down payment amount, and shopping around for the lowest rate are all suggested approaches to get a good mortgage rate.

    Overall, mortgage rates remain high and the current market is a challenging one for home buyers and refinancers alike. With the right strategies, however, it is still possible to find a low mortgage rate and secure a home loan.

    0. “Mortgage demand drops as interest rates bounce higher” CNBC, 15 Feb. 2023,

    1. “Mortgage Applications Fall For 2nd Time in 3 Weeks” National Mortgage Professional, 15 Feb. 2023,

    2. “US mortgage applications decrease across the board” Mortgage Professional, 15 Feb. 2023,

    3. “Mortgage and refinance rates today, February 13th, 2023 – Rates rise”, 13 Feb. 2023,

    4. “Mortgage Applications Declined 7.7% in Week Ending February 10” Floor Focus, 15 Feb. 2023,

    5. “Today's Mortgage Rates & Trends – February 13, 2023: Rates spike” Investopedia, 13 Feb. 2023,

    6. “Mortgage Rate Roller Coaster: What's Going on in the Real Estate Industry?” RealtyBizNews, 15 Feb. 2023,

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