The Market Composite Index, a measure of mortgage loan application volume, rose by 4.7% over the previous week on a seasonally-adjusted basis, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending December 1st. (The previous week’s results include an adjustment for the Thanksgiving holiday.)
On an unadjusted basis, mortgage application volume rose by 47% over the previous week. The Refinance Index increased by 9% during the same period. The seasonally-adjusted Purchase Index rose by 2%, and the unadjusted Purchase Index rose by 38%.
The refinance share of mortgage activity rose to 51.6% of total applications from 48.7% the previous week. The adjustable-rate mortgage (ARM) share of activity fell to 5.7% of total applications, the lowest level recorded since January. The FHA share of total applications rose to 11.1% from 10.8%, the VA share of total applications fell to 10.7% from 11.0%, and the USDA share of total applications remained unchanged at 0.8%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) fell to 4.19% from 4.20%. Points for 80% loan-to-value ratio (LTV) loans rose to 0.40 from 0.34. (All 80% LTV loan reports include the origination fee.) The effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) rose to 4.16% from 4.14%. Points for 80% LTV loans rose to 0.28 from 0.27, and the effective rate increased from last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA rose to 4.11% from 4.07%. Points for 80% LTV loans rose to 0.40 from 0.37, and the effective rate increased from last week.
The average contract interest rate for 15-year fixed-rate mortgages rose to 3.59% from 3.57%. Points for 80% LTV loans rose to 0.48 from 0.40, and the effective rate increased from last week.
The average contract interest rate for 5/1 ARMs rose to 3.48% from 3.42%. Points for 80% LTV loans fell to 0.46 from 0.58, and the effective rate increased from last week.
