Mortgage applications were up last week as interest rates fell, according the Mortgage Bankers Association’s latest survey.

The market composite index, a measure of mortgage loan application volume, was 647.5, an increase of 4.3 percent on a seasonally adjusted basis from 620.9 one week earlier. On an unadjusted basis, the index decreased 7.6 percent compared with the previous week and was down 0.1 percent compared with the same week one year earlier.

The seasonally-adjusted refinance index increased by 6.5 percent to 2,022.2 from 1,897.9 the previous week and the purchase index increased by 2.7 percent to 412.9 from 402.2 one week earlier. 

Refinance share of mortgage activity increased to 48 percent of total applications from 46.3 percent the previous week. The refinance share is at its highest level since February 2005. The adjustable-rate mortgage share of activity decreased to 25.5 percent of total applications from 26.4 percent the previous week.

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.15 percent from 6.24 percent, with points including origination fee decreasing to 0.98 from 1.08 for 80 percent loan-to-value ratio loans. The 30-year rate is at its lowest since January 2006.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.85 percent from 5.96 percent, with points including origination fee increasing to 1 from 0.97 for 80 percent loan-to-value ratio loans. 

The average contract interest rate for one-year ARMs decreased to 5.87 percent from 5.89, with points including origination fee decreasing to 0.78 from 0.8 for 80 percent loan-to-value ratio loans.

Last week’s survey was based on shortened data due to the observance of Veteran’s Day.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Limited time: Get 30 days of Inman Select for $5.SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription