Mortgage rates holding steady has resulted in an upswing in the number of applications to purchase a home last week. According to the Mortgage Bankers Association, total mortgage application volume increased two percent during the week ended November 30.
Purchase applications rose one percent from the prior week while the Refinance Index shot up six percent. The share of applications to refinance an existing mortgage also climbed to 40.4 percent of total volume. This is the largest share of refinances since March.
While the rate of home sales has slowed as mortgage rates trended upward, the recent holding position in borrowing costs have produce two consecutive weeks of increases in total mortgage applications.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4.75 percent, 15-year rates are near 4.125 percent and the 5-year ARM is averaging 4.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.