Mortgage rates tick up for everyone but wealthy

The Mortgage Bankers Association said the 30-year fixed rate for jumbo home loans, those in excess of $417,500, dropped to 3.76 percent from 3.83 percent last week, even as loans for most other borrowers increased.

Rates for conforming, 30-year fixed mortgages, those with loan balances below $417,500, were up only slightly to 3.54 percent from 3.52 percent. FHA-backed and 15-year fixed loans were also up marginally in the week.

Mortgage applications decreased 2.2 percent in the week, with the share of refinancing activity remaining at 81 percent. Adjustable rate mortgages share of the market increased to 4 percent in the week.

Rob Varnon