Hopeful homebuyers got another dose of bad news.
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00:00For the first time in more than two months mortgage rates are on the rise. The rate on a 30-year mortgage
00:05increased by five basis points climbing to 6.72% in the week that ended on March 14th.
00:10The rate increase led to a more than 6% drop in total mortgage application volume according to the Mortgage Bankers Association.
00:17But despite the rate increase applications for a mortgage to buy a home ticked up 0.1% and
00:22are 6% higher than they were the same week a year ago.
00:26According to the MBA's chief economist purchase application volume inched up to its highest level in six weeks led by a
00:323% increase in FHA purchase applications. Growing inventories of homes on the market and steadier mortgage rates are supporting home buying activity thus far this spring.
00:41Applications to refinance a home loan however fell by 13% for the week, although they're up a whopping 70% from this time last year.
00:48Things could change quickly for mortgage rates. Fed Chairman Jerome Powell is expected to announce the
00:52FOMC's decision on what it plans to do with interest rates on Wednesday, March 19th. That'll do it for your daily briefing from New York City.
00:59I'm Kelsea Barberio with The Street.