Mortgage applications once again posted little weekly change, rising 1.1% for the week ended Dec. 11, the latest data from the Mortgage Bankers Association said.
This isn’t too far from the 1.2% rise reported last week.
The refinance index increased 1% from the previous week, while the adjusted purchase index decreased 3% from one week earlier.
Overall, the refinance share of mortgage activity increased to 60.7% of total applications, up from 58.7% a week ago. The adjustable-rate mortgage share of activity decreased to 6% of total applications.
The Federal Housing Administration share of total applications remained unchanged from 14% the week prior. The Veterans Affairs share of total applications jumped from 10.8% the week prior to 11.2%. The Department of Agriculture share of total applications decreased to 0.6% from 0.7% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) stayed frozen at 4.14%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) dropped slightly to 4.01% from 4.02%.
In addition, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA barely moved, falling to 3.90% from 3.91%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.38% from 3.39%, while the average contract interest rate for 5/1 ARMs increased to 3.25% from 3.23%.
For added perspective on the status of the housing market, according to the latest data from a la mode, appraisal volume jumped 3.1% from the previous week.