- Posted at 1:57, December 18, 2013
- By Russ Bleemer
The Washington, D.C.-based Mortgage Bankers Association says that U.S. mortgage applications decreased 5.5% according to its Market Composite Index, composed from its Weekly Mortgage Applications Survey.
The index, which was released today and which measures mortgage loan application volume, applies to the week ending Dec. 13.
The association's Refinance Index decreased 4% from the previous week.
And its seasonally adjusted Purchase Index decreased 6% from the previous week to its lowest level since last December. At the same time, the association's unadjusted Purchase Index decreased 9% compared with the previous week, and was 12 percent lower than the same week one year ago.
The association looked to today's Federal Open Market Committee meeting as a gauge for future activity, noting that mortgage and refi applications have fallen as interest rates have edged up.
The press-release report, available HERE, notes that refinancing increased to 66% of total mortgage applications, from 65% the previous week.
The average rate for 30-year fixed mortgages with conforming loan balances--$417,000 or less--increased slightly to 4.62% from 4.61%, according to the association. But that's the highest level since September 2013, with mortgage points increasing to 0.38 from 0.26.
The average 30-year fixed-rate mortgages with jumbo loan balances that are greater than $417,000 increased to 4.61%, which also is the highest level since September 2013. Points for those loans jumped to 0.24 from 0.15, including the origination fee, for 80% LTV loans.
The real estate finance industry trade group says the survey of mortgage bankers, commercial banks and thrifts covers more than 75% of U.S. retail residential mortgage applications, and has been conducted weekly since 1990.