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
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.
