MBA: Mortgage applications rise in latest weekly survey 

by John Yellig

Mortgage applications posted a 3.2% weekly increase in the week ended Dec. 9 after a month of declines, the Mortgage Bankers Association said, citing its Weekly Mortgage Applications Survey.   

The average contract interest rate for conforming 30-year mortgages of $647,200 or less rose to 6.42% from 6.41% the week before, while the rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.40% from 6.39%.     

At the same time, MBA’s refinance index rose 3% from the week before, as the refinance share of mortgage activity rose to 29.4% of mortgage applications from 28.7% in the preceding week. 

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances of more than $647,200 rose to 6.14% from 6.08%, and the average contract interest rate for a 15-year fixed-rate mortgage increased to 5.92% from 5.84%.     

“Overall applications increased, driven by increases in purchase and refinance activity,” MBA Vice President and Deputy Chief Economist Joel Kan said in a news release. “However, with rates more than three percentage points higher than a year ago, both purchase and refinance applications are still well behind last year’s pace. The ongoing moderation in home-price growth, along with further declines in mortgage rates, may encourage more buyers to return to the market in the coming months.” 

Read More Related to This Post

Join the conversation

Oops! We could not locate your form.