Mortgage application volume rose a modest 1.5 percent on a seasonally adjusted basis for the week ending November 21, the MBA reported today.
On an unadjusted basis, the home loan application index actually fell one percent compared to the previous week and was down 21.9 percent compared to the same period a year ago.
Refinance applications slipped 2.1 percent, while purchase applications and FHA lending increased 5.3 percent and 8.5 percent, respectively.
The refinance share of mortgage activity decreased to 49.3 percent of total application volume, down from 49.9 percent the previous week, as mortgage rates drifted lower.
The traditional 30-year fixed-rate mortgage averaged 5.99 percent, down from 6.16 percent, while the 15-year fell to 5.78 percent from 5.87 percent.
The one-year ARM climbed to 6.87 percent from 6.80 percent, which may explain why the adjustable-rate mortgage share of applications is a mere three percent.
Freddie Mac Weekly Mortgage Rates
Over at Freddie Mac, the 30-year fixed averaged 5.97 percent, down from 6.04 percent last week and 6.10 a year ago as economic woes continued to push rates lower for a fourth straight week.
However, the 15-year actually edged up slightly, rising a single basis point to 5.74 percent, up from its year-ago average of 5.73 percent.
Conversely, the five-year ARM fell a single basis point to 5.86 percent, the same average seen a year ago, while the one-year ARM averaged 5.18 percent, down from 5.29 percent a week ago and 5.43 percent last year.
Mortgage rates are slated to fall even lower thanks to the Fed’s plan to buy up mortgage securities, which seems to have restored confidence in the shaky secondary market.
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