RE:First rate cut in 4 years expected tomorrowMaybe in Canada...
The numbers: Mortgage rates rose for the second week in a row, despite signs of a slowing U.S. economy.
The 30-year mortgage inched up to the highest level since May 10.
The increase in rates caused the market composite index — a measure of mortgage application volume — to decrease in the past week, according to the Mortgage Bankers Association (MBA) on Wednesday.
The market index fell 5.2% to 180.4 for the week ending May 31 from a week prior. A year ago, the index stood at 194.7.
Key details: The purchase index — which measures mortgage applications for the purchase of a home — fell 4.4% from a week earlier.
The refinance index fell 6.8%.
The average contract rate for the 30-year mortgage for homes sold for $766,550 or less was 7.07% for the week ending May 31. That’s up from 7.05% from the week before.
The rate for jumbo loans, or the 30-year mortgage for homes sold for over $766,550, was 7.21%, down from 7.22% the previous week.
The average rate for a 30-year mortgage backed by the Federal Housing Administration was 6.87%, up from 6.85% a week before.
The 15-year was up to 6.75% from 6.66% from the previous week.
The rate for adjustable-rate mortgages was down to 6.37% from 6.64%.
The big picture: The housing market is stuck in a rut, with 7% mortgage rates taking a toll on home-buying activity as people pull back on purchasing homes.