Housing
Mortgage Loan Rates Remain Low as Mortgage Applications Slip
Published:
Last Updated:
On an unadjusted basis, the composite index increased by 5% week-over-week. The seasonally adjusted purchase index decreased 5% compared to the week ended November 14th. The unadjusted purchase index rose by 1% for the week, and remains 10% lower year-over-year.
Adjustable rate mortgage loans accounted for 7% of all applications, up from 6.9% in the prior week.
The MBA’s refinance index increased by 4% after rising by 1% in the previous week. The share of refinancings rose from 61% to 63%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage decreased from 4.18% to 4.15%. The rate for a jumbo 30-year fixed-rate mortgage remained unchanged at 4.10%. The average interest rate for a 15-year fixed-rate mortgage decreased from 3.38% to 3.35%.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.09% to 3.06%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.85% to 3.90%.
The interest rate on 30-year fixed loans dropped for the second straight week and rates for a 15-year fixed loan also dropped after remaining steady for the previous two weeks. The percentage of refinancings remains low even though the refinance index ticked up last week.
ALSO READ: October Sales of Existing Homes Rises to 13-Month High
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.