The refinance share of mortgage application activity fell during the week ending Nov. 24, along with the overall volume of mortgage applications, according to the Weekly Mortgage Applications Survey released by the Mortgage Bankers Association.
The Market Composite Index fell 3.1% on a seasonally adjusted basis compared to the previous period and fell 34% on an unadjusted basis over the same period. The latest results include an adjustment for the Thanksgiving holiday.
The Refinance Index fell 8% over the same period to its lowest level since January. The Purchase Index rose 2% from the previous period on a seasonally adjusted basis to its highest level since September, but fell 32% on unadjusted basis. The unadjusted Purchase Index is 6% higher compared to the same period last year.
The share of refinance applications fell to 48.7% of the total activity, compared to 49.9% in the previous period. Adjustable-rate mortgages (ARMs) recorded a 6.2% share, less than its share in the prior period.
The FHA share of total applications increased to 10.8% from 10.6%, while the share of VA applications rose to 11% from 10.7%. The share of USDA applications rose to 0.8% from 0.7%.
Changes in the average contract interest rates for various mortgage types were mixed.
The 30-year fixed-rate mortgage for conforming loans had an average rate of 4.2%, unchanged from the previous period, with points including the origination fee slipping to 0.34 from 0.42 for 80% loan-to-value ratio loans. The average rate for 30-year fixed-rate mortgages with jumbo loan balances decreased to 4.14% from 4.16%, with points falling to 0.27 from 0.30.
Rates for 30-year fixed-rate mortgages backed by the FHA fell to 4.07% to 4.08%, with points falling to 0.37 from 0.42. The 15-year fixed-rate mortgage recorded an average rate of 3.57%, up from 3.56%, with points falling to 0.40 from 0.42. Rates for the 5/1 ARM averaged 3.42%, an increase from 3.31% in the previous period, with rates rising to 0.58 from 0.38.
У нашей организации популярный веб портал со статьями про www.showroom-kiev.com.ua.
Вы можете https://showroom-kiev.com.ua у нашего менеджера.