Mortgage applications increased 7.3% on a seasonally adjusted basis for the week ending Dec. 18, compared to
This was the week that the Federal Open Markets Committee made the decision to
The MBA's Market Composite Index measures mortgage loan application volume. It rose 7% on an unadjusted basis from the week before.
Refinance application volume increased 11% from the previous week. Purchase apps were up 4% on a seasonally adjusted basis and 2% on an unadjusted basis. For the same week last year, purchase apps were 37% higher on an unadjusted basis.
Applications for Federal Housing Administration-insured loans fell by more than one percentage point, to 12.9% from 14%, while the share of Veterans Affairs-guaranteed applications fell to 10.5% from 11.2%.
Refinancings as a share of all mortgage activity rose to 62.8% of total applications from 60.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased two basis points to 4.16%. The 30-year jumbo ($417,000 or greater) fixed-rate mortgage increased three basis points to 4.04%.
