On an unadjusted basis, the composite index decreased by 0.9% week-over-week. The seasonally adjusted purchase index increased 1% compared to the week ended October 31. The unadjusted purchase index dropped by 2% for the week and remains 11% lower year-over-year.
Adjustable rate mortgage loans accounted for 7.1% of all applications, down from 7.4% in the prior week.
The MBA’s refinance index decreased by 2%, after falling by 6% in the previous week. The share of refinancings remained unchanged at 63%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.17% to 4.19%. The rate for a jumbo 30-year fixed-rate mortgage remained unchanged at 4.13%. The average interest rate for a 15-year fixed-rate mortgage remained unchanged at 3.38%.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.08% to 3.05%. Rates on a 30-year FHA-backed fixed rate loan increased from 3.84% to 3.90%.
Mortgage loan rates have not changed much over the past several weeks. Now that the winter holidays are approaching, the home buying season enters its slowest period of the year.
ALSO READ: The Most Dangerous Cities in America
Essential Tips for Investing: Sponsored
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.