The MBA’s Market Composite Index rose 3.1% during the period on a seasonally adjusted basis and increased 2% of an unadjusted basis. The Refinance Index rose 6% from the prior week to its highest level since October. The Purchase Index increased 0.4% on a seasonally adjusted basis and fell 3% on an unadjusted basis. Compared to the same period last year, the unadjusted Purchase Index increased 17%.
Refinances took their biggest share of mortgage activity since September. Refinance applications accounted for 51.3% of total activity, up from 49%. Applications for adjustable-rate mortgages (ARM) fell to 6.4% of the total.
share of total applications decreased to 10.2% from 10.6% the week prior. VA
applications accounted for 10.1%, up from 10% in the previous period. The USDA share was unchanged at 0.7%.
The average contract interest rates for various 30-year fixed-rate mortgages remained unchanged during the period. The 30-year fixed-rate mortgage with conforming loan balances had an average rate of 4.18%, with points increasing to 0.40 from 0.38, including the origination fee, for 80% loan-to-value ratio (LTV) loans.
The 30-year fixed-rate mortgages with jumbo loan balances had an average rate of 4.12%, with points increasing to 0.26 from 0.24 for 80% LTV loans. Rates for 30-year fixed-rate mortgage backed by the FHA were steady at 4.05%, with points decreasing to 0.40 from 0.43 for 80% LTV loans.
Meanwhile, the 15-year fixed-rate mortgage recorded an average rate of 3.54%, up from 3.51% to its highest level since March. Points fell to 0.43 from 0.44 for 80% LTV loans. Rates for 5/1 ARMs increased to 3.41%, their highest level since March, from 3.33%, with points decreasing to 0.37 from 0.59 for 80% LTV loans.
Mortgage app volume holds steady
Mortgage apps decline as interest rates surge
The volume of mortgage loan applications increased during the week ending Nov. 10, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.