According to originationnews, home loan applications followed by the Mortgage Bankers Association (MBA) fell 4.7 percent on a seasonally-adjusted basis, fed by a boost in employment figures that led to the 30-year fixed mortgage rate (FRM) reaching its highest level since August, 2012. The average for conforming 30-year FRMs rose from 3.7 percent last week to 3.81 percent, with loan balances of $417,500 or less. Federal Housing Administration (FHA)-backed 30-year loan rates rose from 3.47 percent to 3.53 percent. Fifteen-year average contract FRMs increased from 2.96 percent to 3.01 percent. As MHProNews has learned, refinance mortgage activity dropped to 76 percent from 77 percent the previous week, the lowest level in nine months.

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