Mortgage Rates Going Up Again

30-year fixed mortgage rates increased to 5.38% last week. Before this it was 5.17% during the last week and 5.36% two weeks ago. Mortgage Bankers Association’s reported this fluctuation in their weekly survey of mortgage applications.

The index that measures new mortgage purchases rose by 1.1%, the third modest gain in the last month. Refinance activity returned to around 52% of all mortgage applications.

More borrowers turned to adjustable-rate mortgages as rates have ticked up. ARMs accounted for 5.8% of all mortgage originations last week, up from 5.4% in the previous week and from lows of 3% when mortgage rates dropped below 5% in April and May.

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