30-year fixed mortgage rates rising

Freddie Mac announced that the average rate of a 30-year fixed mortgage increased to 4.80 percent this week from 4.74 percent last week. It’s the second week in a row that the rate increases. The 15-year fixed mortgage loan rate decreased from last weeks 4.16 percent to 4.12 percent this week.

Mortgage Bankers Association reported on its weekly application survey ending on 1/21/11 that mortgage applications volume decreased 12.9 percent from the previous week. Refinancing decreased 15.3 percent also from the previous week. Refinancing reached its lowest level since January 2010. Purchasing decreased by 8.7 percent from a week earlier reaching its lowest level since October 2010.