As rates climbed, it was the third consecutive week that new mortgage activity was lower. One positive development was the spread between jumbo mortgages and their conforming counterparts.
Coming in at 288 for the week ended Wednesday, the Mortech-Mortgage Daily Mortgage Market Index was 3 percent lower than a week earlier. The index reflects pricing inquiries by Mortech clients — originators at mortgage banking firms. It has been lower each week since Oct. 13, when it stood at 331.
The biggest average loan was Vermont’s $285,425, and Nebraska’s $150,102 was lowest.
The jumbo 30-year fixed-rate average fell to 5.070 percent this week from 5.090 percent, while the conforming 30-year rose to 4.230 percent from last week’s 4.187 percent. The resulting jumbo-conforming spread narrowed to 84 basis points from 90 BPS seven days earlier.
