Mortgage Applications Edge Up Just Over One Point Two Percent

Dated: December 9 2015

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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%. 


Source

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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 ....

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