The seasonally adjusted purchase index increased by 1% from the last report. On an unadjusted basis, the composite index was unchanged week-over-week. The unadjusted purchase index also increased by 1% for the week, and is up about 8% year-over-year.
The MBA’s refinance index was unchanged after sliding 1% in the previous week.
The share of refinancings remained unchanged again at 63%, its lowest level in more than two years. Adjustable rate mortgage loans account for 6% of all applications, flat with the prior week.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage remained increased from 4.58% to 4.61%. The rate for a jumbo 30-year fixed-rate mortgage was unchanged at 4.64%. The average interest rate for a 15-year fixed-rate mortgage fell from 3.67% to 3.66%.
The contract interest rate for a 5/1 adjustable rate mortgage loan remained unchanged at 3.39%.
With so little change from a week ago, it is only worth noting that refinancings continue at low levels when compared with the past two years. Unless interest rates make an unlikely move lower, refinancings should remain soft.
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.