The Mortgage Bankers Association (MBA) released its latest report on mortgage applications Wednesday morning. It noted a week-over-week increase of 6.2% in the group’s seasonally adjusted composite index for the week ending November 13, following a decrease of 1.3% for the week ending November 6. Mortgage loan rates increased slightly again on four types of fixed-rate loans last week and decreased on 5/1 ARMs.
On an unadjusted basis, the composite index decreased by 6% week over week. The seasonally adjusted purchase index jumped 12% compared with the week ended November 6. The unadjusted purchase index decreased by 3% for the week and is now 19% higher year over year.
The MBA’s refinance index increased by 2% week over week and the percentage of all new applications that were seeking refinancing fell from 59.8% to 58.6%.
Adjustable rate mortgage loans accounted for 6.3% of all applications, down from 6.6% the prior week.
According to Mortgage News Daily, a 30-year fixed-rate conforming loan averaged 4.01% on Tuesday, in a 52-week range of 3.55% to 4.20%.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage rose from 4.12% to 4.18%, the highest level since July. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.04% to 4.05%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.35% to 3.40%, also the highest level since July.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.22% to 3.18%. Rates on a 30-year FHA-backed fixed-rate loan rose from 3.87% to 3.90%.
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