Mortgage Loan Rates Ticked Down Last Week
Mortgage applications decreased by 3.2% the week ending Nov. 20 after a 6.2% increase the previous week.
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
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%.
ALSO READ: America’s Best and Worst States to Live In
Contact [email protected] for any questions or corrections.
Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
