Posting a quiet week, mortgage applications increased a meager 0.1% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 17.
Broken up, the Refinance Index decreased 5% from the previous week, while the seasonally adjusted Purchase Index increased 5% from one week earlier.
The refinance share of mortgage activity decreased to 49.9% of total applications from 51.3% the previous week. This is compared to last week, which saw the refinance share of mortgage activity increase to its highest level since September 2017.
Meanwhile, the adjustable-rate mortgage share of activity increased to 6.5% of total applications.
The Federal Housing Administration’s share of total applications increased to 10.6% from 10.2% the week prior, as the Veterans Affairs’ share of total applications increased to 10.7% from 10.1% the week prior.
The Department of Agriculture’s share of total applications remained at 0.7%.
Looking at interest rates, the average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) increased to 4.20% from 4.18%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) increased to 4.16% from 4.12%.
Increasing to its highest level since July 2017, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA jumped to 4.08%, from 4.05%.
The average contract interest rate for 15-year fixed-rate mortgages increased to its highest level since March 2017, 3.56%, from 3.54%.
Lastly, the average contract interest rate for 5/1 ARMs decreased to 3.31% from 3.41%.
