Housing
Mortgage Loan Rates Not Low Enough to Attract Refinancing
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On an unadjusted basis, the composite index decreased by 7% week-over-week. The seasonally adjusted purchase index increased 12%, compared to the week ended November 7, its highest level since July. The unadjusted purchase index dropped by 3% for the week and remains 6% lower year-over-year.
Adjustable rate mortgage loans accounted for 6.9% of all applications, down from 7.1% in the prior week.
The MBA’s refinance index increased by 1%, after falling by 2% in the previous week. The share of refinancings slipped from 63% to 61%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.19% to 4.18%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.13% to 4.10%. The average interest rate for a 15-year fixed-rate mortgage remained unchanged at 3.38% for the second straight week.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.05% to 3.09%. Rates on a 30-year FHA-backed fixed rate loan dropped from 3.90% to 3.85%.
After two consecutive weeks of rate increases on 30-year fixed loans, the rates ticked down again. The percentage of refinancings remains low, even though the refinance index ticked up last week.
ALSO READ: Homebuilder Confidence Regains Upward Trend in November
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