Fed Rate Hikes

Mortgage applications rose last week across the board as rates dipped in the wake of positive news from the Fed. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – increased by 6.3%, changing course after last week’s 1.2% decrease. Adjusted purchase applications rose by 5%, while the unadjusted index was up 5.3% from the week before and 32% lower YOY. The average interest rate for 30-year fixed loans dipped from 6.50% to 6.48%. Refinances also showed movement, up 10% from the week prior. They remain 44% lower than the same time last year, however, comprising only 28% of total applications. In the past decade, refis averaged 58% of…