---
title: Rates Bump Up After Hitting Two-Month Low
description: “Last week's increase in mortgage rates prompted a pullback in application activity,”
---

[Homeward Bound ](https://www.mutualfederal.com/mortgage-articles)

# [Rates Bump Up After Hitting Two-Month Low](https://www.mutualfederal.com/mortgage-articles/rates-bump-up-after-hitting-two-month-low)

 Written by [Susan Richwine](https://www.mutualfederal.com/mortgage-articles/author/susan-richwine) | Apr 20, 2023

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates moved higher last week. Rates were up from the week before for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. The increase follows recent declines, which brought rates to a two-month low the week before.

Joel Kan, MBA's vice president and chief economist, says higher rates caused some first-time buyers to hesitate. “Last week's increase in mortgage rates prompted a pullback in application activity,” Kan said. “With more first-time home buyers in the market, we continue to see increased sensitivity to rate changes.”

Last week, there was a 10 percent drop in FHA purchase applications and the average loan size reached its highest level in a month – both signs of slower activity among younger buyers. The MBA's weekly survey has been conducted since 1990 and covers 75 percent of all retail residential mortgage applications. 

[[Source](https://www.mba.org/news-and-research/newsroom/news/2023/04/19/mortgage-applications-decrease-in-latest-mba-weekly-survey)]

[View full post](https://www.mutualfederal.com/mortgage-articles/rates-bump-up-after-hitting-two-month-low)

```json
{
  "@context" : "http://schema.org",
  "@type" : "BlogPosting",
  "author" : {
    "@type" : "Person",
    "name" : "Susan Richwine"
  },
  "dateModified" : "2023-04-20T13:46:37.814Z",
  "datePublished" : "2023-04-20T13:46:37Z",
  "headline" : "Rates Bump Up After Hitting Two-Month Low",
  "image" : {
    "@type" : "ImageObject",
    "height" : 336,
    "url" : "https://4395456.fs1.hubspotusercontent-na1.net/hubfs/4395456/Blog/Rates-Bump-Up.jpg",
    "width" : 640
  },
  "mainEntityOfPage" : "https://www.mutualfederal.com/mortgage-articles/rates-bump-up-after-hitting-two-month-low",
  "publisher" : {
    "@type" : "Organization",
    "logo" : {
      "@type" : "ImageObject",
      "height" : 60,
      "url" : "/hs/hsstatic/content_shared_assets/static-1.4092/img/default-amp-logo.png",
      "width" : 60
    },
    "name" : "Mortgage Articles"
  }
}
```