WASHINGTON–Freddie Mac’s Primary Mortgage Market Survey showed average fixed mortgage rates increasing from the previous week.
The 30-year fixed-rate mortgage (FRM) averaged 3.98% for the week ending November 12, 2015. On the same date one year earlier, the 30-year FRM averaged 4.01% in the same survey. The 15-year FRM averaged 3.20%. This time last year, the 15-year FRM averaged 3.20%.
Meanwhile, the National Association of Realtors said home prices continue to show “sustained steady growth” in most metro areas. According to the NAR, the median existing single-family home price has increased in 87% of measured markets. Twenty-one metro areas in the third quarter experienced double digit increases.
Finally, mortgage applications decreased for the week ending Nov. 6, 2015. According to the Mortgage Bankers Association’s Weekly Mortgage Application Survey, mortgage applications decreased 1.3%. The refinance index decreased 2% from the previous week. The total refinance share of mortgage applications increased to 59.8%.
The MBA reported that applications for new home purchases decreased in October. By type, conventional loans composed of 67.2% of loan applications, FHA loans composed of 19.2% and VA loans composed of 12.7%.