The WPJ
U.S. Mortgage Applications Uptick in Mid-November

U.S. Mortgage Applications Uptick in Mid-November

Residential News » United States Edition | By WPJ Staff | November 20, 2015 8:00 AM ET



According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 13, 2015, mortgage applications increased 6.2 percent from one week earlier. This week's results included an adjustment for the Veterans Day holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 6.2 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index decreased 6 percent compared with the previous week.

The Refinance Index increased 2 percent from the previous week.  The seasonally adjusted Purchase Index increased 12 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 19 percent higher than the same week one year ago.

The refinance share of mortgage activity decreased to 58.6 percent of total applications from 59.8 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.3 percent of total applications. The average loan size for purchase applications rose to a survey high of $301,200.

The FHA share of total applications increased to 14.4 percent from 14.1 percent the week prior. The VA share of total applications increased to 11.7 percent from 10.9 percent the week prior. The USDA share of total applications remained unchanged from 0.7 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.18 percent, its highest level since July 2015, from 4.12 percent, with points remaining unchanged at 0.45 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.  The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.05 percent from 4.04 percent, with points decreasing to 0.33 from 0.38 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.90 percent from 3.87 percent, with points increasing to 0.37 from 0.25 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.

The average contract interest rate for 15-year fixed-rate mortgages increased to 3.40 percent, its highest level since July 2015, from 3.35 percent, with points increasing to 0.45 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 5/1 ARMs decreased to 3.18 percent from 3.22 percent, with points increasing to 0.45 from 0.28 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.


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