Mortgage Interest Rates and Application Volume Inch Upward in Latest MBA Survey

For the week ending December 4, 2015, mortgage application volume increased by 1.2% compared to the previous week. The Mortgage Banker Association’s (MBA) Refinance Index in their latest Weekly Mortgage Applications Survey showed a 4% increase on seasonally adjusted basis. Compared to the week before, the refinance share of total applications grew to 58.7% from 56.6%. The Purchase Index marginally grew by 0.04% on a seasonally adjusted basis. On an unadjusted basis, the Purchase Index climbed 36% over the last weekly survey and was 29% greater than the same week a year ago.

Almost all of the average mortgage contract interest rates tracked in the weekly survey saw increases with the exception of 5/1 ARMs, which declined to 2.98% from 3.11%. The average 30-year fixed rate mortgage (FRM) interest rate for conforming loan balances inched up to 4.14% from 4.12%. Also, the 15-year FRM interest rate averaged at 3.39% compared to 3.36%. To read more, visit http://bit.ly/1U4gfqq.

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