The Mortgage Bankers Association (MBA) has released its Weekly Mortgage Applications Survey for the week ending November 10. The week was a shortened one in observance of Veteran’s Day. The Market Composite Index, a measure of mortgage loan application volume, was 647.5, an increase of 4.3 percent on a seasonally adjusted basis from 620.9 one week earlier. On an unadjusted basis, the Index decreased 7.6 percent compared with the previous week and was down 0.1 percent compared with the same week one year earlier.
The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.15 percent from 6.24 percent, with points decreasing to 0.98 from 1.08 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The 30-year rate is at its lowest since January 2006.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.85 percent from 5.96 percent, with points increasing to 1.00 from 0.97 (including the origination fee) for 80 percent LTV loans.
The average contract interest rate for one-year ARMs decreased to 5.87 percent from 5.89, with points decreasing to 0.78 from 0.8 (including the origination fee) for 80 percent LTV loans.
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