The seasonally adjusted purchase index increased by 1% from the prior week’s report. On an unadjusted basis, the composite index increased by 43% week-over-week. The unadjusted purchase index increased by 37% for the week, and is 10% lower year-over-year.
Because the prior week included the Thanksgiving holiday, the unadjusted numbers basically are getting the data back to the level they were the week before the holiday. The salient figure here is that the unadjusted purchase index is now lower than it was a year ago. That is partly a seasonal decline and partly a reaction to higher interest rates.
The MBA’s refinance index increased by 2%, after dropping by 18% in the previous week. The share of refinancings rose by two points, totaling 65% of all applications. Adjustable rate mortgage loans account for 8.1% of all applications, up slightly from the prior week and at a level last seen in June 2008.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.51% to 4.61%. The rate for a jumbo 30-year fixed-rate mortgage rose from 4.49% to 4.59%. The average interest rate for a 15-year fixed-rate mortgage rose from 3.56% to 3.66%.
The contract interest rate for a 5/1 adjustable rate mortgage loan fell from 3.09% to 3.11%.
The increase in adjustable rate mortgages follows from the sharp jump of 0.1% in all the other loan types. The conforming fixed-rate mortgages are back at levels last seen in September.
The Average American Is Losing Momentum On Their Savings Every Day (Sponsor)
If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4%1 today. Checking accounts are even worse.
But there is good news. To win qualified customers, some accounts are paying more than 7x the national average. That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn a $200 bonus and up to 7X the national average with qualifying deposits. Terms apply. Member, FDIC.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
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.