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Loan Rates Decrease and Applications Rise

Interest rates were down slightly and mortgage applications were up almost even with last year, despite a week shortened by the Veteran’s Day holiday, according to the Mortgage Bankers Association.

The Market Composite Index, a measure of mortgage loan application volume, was 647.5, an increase of 4.3 percent on a seasonally adjusted basis from 620.9 one week earlier. On an unadjusted basis, the index was down 0.1 percent compared with the same week one year earlier.

The refinance share of mortgage activity increased to 48 percent of total applications from 46.3 percent the previous week. The refinance share is at its highest level since February 2005.

The average interest rate for 30-year fixed-rate mortgages decreased to 6.15 percent from 6.24 percent. The average rate for 15-year fixed-rate mortgages decreased to 5.85 percent from 5.96 percent. And the interest rate for one-year ARMs decreased to 5.87 percent from 5.89.

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