Mortgage applications rose slightly this week, increasing 0.1% from a week earlier, according to the Mortgage Bankers Association.
The MBA’s Weekly Mortgage Applications Survey for the week ending Nov. 17 found that the refinance index dropped by 5% from the previous week, while the purchase index grew 5% from one week earlier.
The refinance share of mortgage activity declined from 51.3% to 49.9% from the previous week. The adjustable-rate mortgage share of activity rose to 6.5% of all applications.
Of total applications, the Federal Housing Administration share grew to 10.6% from 10.2% from a week prior. The U.S. Department of Veterans Affairs share of total applications also increased from the previous week, growing to 10.7% from 10.1%. The U.S. Department of Agriculture share of total applications remained unchanged again from the previous week at 0.7%.
The average contract interest rate for 30-year fixed-rate mortgages with nonconforming loan balances ($424,100 or less) rose to 4.20% from 4.18% from the week prior, with points increasing to 0.42% from last week’s 0.40%, including the origination fee, for 80% loan-to-value ratio loans.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) grew to 4.16% from 4.12%, with points growing from 0.40% to 0.42%, including the origination fee, from a week prior for 80% LTV loans.
For 15-year fixed-rate mortgages, the average contract interest rate rose to its highest level since March, increasing from 3.54% to 3.56% week-over-week, with points decreasing to 0.43% to 0.42% for 80% LTV loans, including the origination fee.
The average contract interest rate for 5/1 ARMs declined from 3.41% to 3.31% from the week prior.