Mortgage Applications Edge Up Just Over One Point Two Percent

Dated: December 9 2015

Views: 616

home loans

Mortgage applications marginally increased and grew 1.2% from one week prior, according to the latest data from the Mortgage Bankers Association for the week ending Dec. 4.

This is compared to last week, which posted a 0.2% decline, and the week before that, which posted a 3.2% decline.

As a whole, the refinance share of mortgage activity increased to 58.7% of total applications, slightly up from 56.6% the previous week. The adjustable-rate mortgage share of activity increased to 6.2% of total applications.

The refinance index increased 4% from the previous week, while the purchase index increased 0.04% from one week earlier.

The Federal Housing Administration share of total applications barely increased, growing to 14% from 13.2% the week prior. The Veterans Affairs share of total applications fell to 10.8% from 11.3% the week prior. TheDepartment of Agriculture share of total applications stayed unchanged at 0.7% the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.14% from 4.12%.

Additionally, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) escalated to 4.02% from 3.99%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.91% from 3.89%.

The average contract interest rate for 15-year fixed-rate mortgages grew to 3.39% from 3.36%, while the average contract interest rate for 5/1 ARMs dipped to 2.98% from 3.11%. 


Blog author image

Mark Ross

For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 30 years in the industry, Mark has gained experience in ....

Latest Blog Posts

10 Ways To Save On A Kitchen Remodel

A kitchen remodel is among the most popular renovation projects for homeowners, but it can quickly become the most expensive. According to HomeAdvisor, the average kitchen remodel costs $25,656, or

Read More

6 Mortgage Tips For Single Homebuyers With Children

If you’re a single parent, it’s arguably more challenging to buy a home than for those in a partnership with dual incomes. Yet it’s easy to see why so many single parents are eager to purchase

Read More

How To Deal With Unsolicited Offers

If you’re one of those lucky people who own a home in a “hot” area, it’s a pretty sweet feeling. You made a good real estate call. If you decide to sell, all signs point to it being an easy

Read More

Homebuying And Mortgage Guide For Singles

Many people might picture homeownership as an event that happens only after two people get married and start a financial partnership. Some mortgages are still structured to reflect that idea. But

Read More