The Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending November 9 -- was released November 14. Mortgage applications increased 12.6% from one week earlier
Application Volume
- The Market Composite Index, a measure of mortgage loan application volume, increased 12.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12% compared with the previous week.
- The Refinance Index increased 13% from the previous week, ending a five-week decline.
- The seasonally adjusted Purchase Index increased 11% from one week earlier. The unadjusted Purchase Index increased 8% compared with the previous week and was 22% higher than the same week one year ago.
Interest Rates
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.52% from 3.61%. This record low rate for 30 year fixed mortgages beats the previous survey low of 3.53% for the week ending September 28, 2012.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.83% from 3.88%,
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.34% from 3.37%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.88% from 2.95%.
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.
For additional information, visit MBA's web site: www.mortgagebankers.org.
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