Fixed mortgage rates barely budged during the week ended November 17 according to Freddie Mac's Weekly Survey. Both the 30 and the 15-year fixed rates increased 1 basis point over the previous week, averaging 6.37 and 5.90 percent respectively. Fees and points were also up from 0.5 to 0.6 for the 30-year but remained unchanged at 0.6 for the 15-year.
The two adjustable rate mortgages tracked by the corporation increased by a
more marked amount. The 5/1-year ARM was up 5 basis points from 5.81 to 5.86
and the 1-year jumped from 5.12 percent to 5.20 percent. Fees and points were
unchanged at 0.6 for both products.
The Mortgage Bankers Association, however, recorded across the board decreases
in its weekly survey for the week ended November 18. The 30-year fixed rate
mortgage was down to 6.26 percent from 6.33 percent the previous week with points,
including the origination fee, decreasing from 1.26 to 1.11.
The 15-year fixed rate mortgage also decreased, averaging 5.83 percent compared with 5.87 percent a week earlier. Points were down to 1.12 from 1.24.
Even the one-year ARM, was down five basis points from one week earlier at 5.41 percent although points did rise slightly from 0.97 to 0.99.
Mortgage application activity was off on a seasonally adjusted basis from the previous week and down substantially from the level one year ago. There was a 3.4 percent decrease in the Market Composite Index from the week of November 11 on an adjusted basis and a decline of 11.8 percent from the same week in 2005. On an unadjusted basis, however, activity was up 4.8 percent from last week.
Refinancing as a percent of total mortgage volume dropped below 40 percent
for the first time in months, decreasing from 40.4 to 39.9 in a week. Adjustable
rate mortgages, however, continued to hover around 1/3 of all applications,
increasing to 33.2 percent from 342.9 percent during the week of November 11.