On an unadjusted basis, the composite index increased by 52% week-over-week. The seasonally adjusted purchase index increased 1% compared to the week ended November 28. The unadjusted purchase index rose by 37% for the week and remains 4% lower year-over-year.
Adjustable rate mortgage loans accounted for 7% of all applications, up from 6.7% in the prior week.
The MBA’s refinance index increased by 13%, after dropping by 13% in the previous week. The share of refinancings rose from 60% to 64%.
The average mortgage loan rate for a conforming 30-year fixed-rate mortgage increased from 4.08 to 4.11%. The rate for a jumbo 30-year fixed-rate mortgage decreased from 4.11% to 4.07%. The average interest rate for a 15-year fixed-rate mortgage increased from 3.30% to 3.35%.
The contract interest rate for a 5/1 adjustable rate mortgage loan increased from 3.07% to 3.11%. Rates on a 30-year FHA-backed fixed rate loan rose from 3.85% to 3.87%.
Given the near-identical turnarounds in application numbers and interest rates, it is almost as if the past two weeks didn’t happen.
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