WASHINGTON—Mortgage applications increased 1.2% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 4.
The previous week's results included an adjustment for the Thanksgiving holiday.
The Market Composite Index is a measure of mortgage loan application volume, and the 1.2% reflects a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 43% compared with the previous week. According to the MBA, the Refinance Index increased 4% from the previous week. The seasonally adjusted Purchase Index increased 0.04% from one week earlier. The unadjusted Purchase Index increased 36% compared with the previous week and was 29% higher than the same week one year ago, the MBA said.
Other data released:
- The refinance share of mortgage activity ticked up to 58.7% of total applications from 56.6% the previous week.
- The ARM share of activity increased to 6.2% of total applications.
- The FHA share of total applications increased to 14% from 13.2% the week prior.
- The VA share of total applications decreased to 10.8% from 11.3% the week prior.
- The USDA share of total applications remained unchanged at 0.7% the week prior.
- The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.14% from 4.12%, with points decreasing to 0.43 from 0.50 (including the origination fee) for 80% LTV loans. The effective rate was unchanged from last week.
- The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) increased to 4.02% from 3.99%, with points increasing to 0.40 from 0.33 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
- The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.91% from 3.89%, with points decreasing to 0.43 from 0.49 (including the origination fee) for 80%LTV loans. The effective rate was unchanged from last week.