Mortgage Applications Decline as Mortgage Rates Increase at the End of 2012
mortgage rates slowed demand for homeowners looking to refinance their current loan.
In the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending December 28, 2012, mortgage applications declined 21.6 percent from the week ending December 14, 2012. This week's results include an adjustment to account for the Christmas holiday.
Average fixed conforming 30 year mortgage rates increased to 3.52 percent with 0.48 points for the week ending December 28 2012, an increase from the December 14 average of 3.51 percent with 0.45 points. Mortgage rates today on 30 year fixed conforming loans are down 1 basis point to 3.51 percent but you can find lenders quoting 30 year mortgage refinance rates as low as 3.00 percent if you're willing to pay points to buy down the rate.
MBA's Refinance Index decreased 23.3 percent compared to the week ending two weeks prior on December 14, 2012. This is the third consecutive week that the refinance index was lower. Refinance rates were higher in December and up from record lows set in November. The MBA's Purchase Index was down 14.8 percent on a seasonally adjusted basis compared to December 14, 2012.
Current mortgage rates on 15 year conventional home loans are averaging 2.84 percent. In the MBA's survey for the week ending December 28, 2012, the average 15 year rate was at 2.86 percent with 0.27 points, up from the average rate on December 14 of 2.84 percent with 0.21 points.
Today's mortgage rates on 30 year jumbo mortgage loans are still hovering just above 4.00 percent averaging 4.03 percent. In the mortgage survey 30 year jumbo mortgage rates averaged 3.75 percent with 0.61 points, a decline from the December 14 average of 3.77 percent with 0.32 points.
Average FHA mortgage rates for the week ending December 28 were at 3.34 percent with 0.61 mortgage points, a decline from the December 14 average of 3.35 percent with 0.58 points. 30 year FHA mortgage rates today can also be found as low as 3.00 percent with points, varying state by state.
5 year adjustable mortgage rates averaged 2.65 percent with 0.42 points, a decline from the December 14 average of 2.66 percent with 0.33 mortgage points. Today's mortgage rates on 5 year adjustable loans are averaging 2.85 percent but you can find lenders quoting 5 year adjustable refinance rates as low as 2.00 percent with points on our rate tables.
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