Mortgage applications marginally increased and grew 1.2% from one week prior, according to the latest data from the Mortgage Bankers Association for the week ending Dec. 4.
This is compared to last week, which posted a 0.2% decline, and the week before that, which posted a 3.2% decline.
As a whole, the refinance share of mortgage activity increased to 58.7% of total applications, slightly up from 56.6% the previous week. The adjustable-rate mortgage share of activity increased to 6.2% of total applications.
The refinance index increased 4% from the previous week, while the purchase index increased 0.04% from one week earlier.
The Federal Housing Administration share of total applications barely increased, growing to 14% from 13.2% the week prior. The Veterans Affairs share of total applications fell to 10.8% from 11.3% the week prior. The Department of Agriculture share of total applications stayed unchanged at 0.7% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 4.14% from 4.12%.
Additionally, the average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) escalated to 4.02% from 3.99%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.91% from 3.89%.
The average contract interest rate for 15-year fixed-rate mortgages grew to 3.39% from 3.36%, while the average contract interest rate for 5/1 ARMs dipped to 2.98% from 3.11%.