According to the Mortgage Bankers Association (MBA) weekly mortgage applications survey for the week ending November 26, 2010, the MBA Purchase Index (a measure of the volume of loan applications related to a home purchase) increased 1.1 percent from the week before. The four-week moving average of home purchase mortgage applications is up 3.8 percent for the period. This marks the highest level the seasonally adjusted purchase index has been since the beginning of May 2010.
The Mortgage Refinancing index decreased 21.6 percent this week making the third consecutive week of declines and is now at it’s lowest level since the end of June. The refinance share of mortgage applications decreased to 74.9 percent from 78.6 percent the week before.
Interest rates for the week ended November 19, 2010:
- 30 year fixed-rate mortgage interest rates increased to 4.56 percent from 4.50 percent the week before, with fees increasing to 0.96 percent from 0.87 percent on loans that are 80 percent of the value of the home. This is the fourth time in five weeks that rates have increased and the 30 year rate is now at it’s highest level since August 2010.
- 15 year fixed rate mortgage interest rates decreased to 3.91 percent from 3.83 percent the week before, with fees decreasing to 0.88 percent from 1.04 percent on loans that are 80 percent of the value of the home.