Housing
Mortgage Loan Rates Rise With Demand Following Holiday Week
Published:
Last Updated:
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.
ALSO READ: New Jersey Is Top State for Foreclosed Properties
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.