NEW YORK (TheStreet) -- Mortgage rates ticked up to their highest level since September in the week ended Dec.6 2013, according to the latest mortgage application survey from the Mortgage Bankers Association.
The average contract for 30-year fixed rate mortgages with conforming loan balances rose to 4.61% from 4.51% for 80% loan-to-value loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.59%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 4.30% from 4.17 %.These levels are the highest since September. Tellingly, purchase applications were down 10% year-over-year, although it was up 37% from the previous week on an unadjusted basis. The seasonally adjusted Purchase Index was up 1% from one week earlier. The Refinance Index rose 2% from the week earlier on an adjusted basis. Overall, mortgage applications were up 1% from one week earlier.
-- Written by Shanthi Bharatwaj in New York. Follow @shavenk