The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 0.9% in the group’s seasonally adjusted composite index for the week ending November 7. That followed a drop of 2.6% for the previous week. Mortgage loan rates rose on some loan types, fell on one and remained steady on others.
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.
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