MBA: Mortgage Applications Up; Average Rate For 15-Year, ARM Rises Significantly

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Mortgage application volume increased 3.1% on an adjusted basis during the week ended Nov. 10, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances increased 6%, while applications for purchases increased 0.4%.

On an unadjusted basis, total volume increased 2% compared with the previous week. Applications for purchases decreased 3% on an unadjusted basis but were 17% higher compared with the same week one year earlier.

The boost in applications for refinances pushed the refinance share of mortgage activity to 51.3%, up from 49% the previous week.

The adjustable-rate mortgage (ARM) share of activity decreased to 6.4% of total applications.

Mortgage rates were basically flat compared with the previous week. The average rate for a 30-year fixed-rate mortgage with a conforming loan balance was unchanged at 4.18%.

The average rate for a 15-year fixed-rate mortgage was 3.54%, up significantly from 3.51% the previous week to reach the highest level since March.

The average rate for a 5/1 ARM was 3.41%, up significantly from 3.33% to also reach the highest level since March.

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