Industry NewsMortgage

Mortgage applications tank as rates soar

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Mortgage applications plummeted 10.6 percent during the week ending Sept. 19 as jitters in financial markets produced a spike in interest rates.The Mortgage Bankers Association said the average rate for 30-year fixed-rate mortgages increased to 6.08 percent, up from 5.82 percent the previous week, with points remaining at 1.13 (including the origination fee) for 80 percent loan-to value ratio loans.The average rate for 15-year fixed-rate mortgages increased to 5.84 percent, up from 5.54 percent, with points increasing to 1.17 from 1.12 for 80 percent LTV loans.The average rate for one-year ARMs increased to 7.01 percent, up from 6.95 percent, with points decreasing to 0.33 from 0.34 for 80 percent LTV loans.The MBA's Weekly Mortgage Applications Survey registered a decrease of 10.6 percent on a seasonally adjusted basis. On an unadjusted basis, the index decreased 11.1 percent compared with the previous week and was down 9.3 percent compared with the same week one year earlier. The in...