The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, noting a week-over-week decrease of 3.2% in the group’s seasonally adjusted composite index for the week ending November 20th. This follows an increase of 6.2% for the week ending November 13th. Mortgage loan rates decreased slightly on four types of fixed-rate loans last week and increased on 5/1 ARMs.
On an unadjusted basis, the composite index increased by 6% week-over-week. The seasonally adjusted purchase index decreased 1% compared with the week ended November 13th. The unadjusted purchase index increased by 5% for the week, and is now 24% higher year-over-year.
The MBA’s refinance index decreased by 5% week-over-week and the percentage of all new applications that were seeking refinancing ticked up from 58.6% to 58.7%.
Adjustable rate mortgage loans accounted for 6.4% of all applications, up slightly from 6.3% the prior week. The average loan size for purchase applications reached a survey high of $303,600 according to the MBA.
Mortgage News Daily reports that a 30-year fixed-rate conforming loan averaged 4.01% on Tuesday in a 52-week range of 3.55% to 4.20%. The data are unchanged from a week ago.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage slipped from 4.18% to 4.14%. The rate for a jumbo 30-year fixed-rate mortgage dropped from 4.05% to 3.99%. The average interest rate for a 15-year fixed-rate mortgage ticked down from 3.40% to 3.39%.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.18% to 3.19%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.90% to 3.87%.