Rates on 30-year, fixed-rate mortgages with jumbo-loan balances-more than $417,000-rose to 4.04% from 3.9% a week earlier. The average 15-year fixed mortgage inched up to 3.35 percent.
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The average rate on 30-year, fixed-rate mortgages with conforming loans-with balances up to $417,000-rose to 4.12% from 4.01%.
The total number of completed foreclosures fell from a September 2010 peak of 117,438 to 55,000 in September 2015 – a 52.8% drop – according to data released Tuesday from CoreLogic.
The average fee for a 30-year mortgage was unchanged at 0.6 point last week. A year ago at this time, the 15-year FRM averaged 3.20 percent.- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.03 percent this week with an average 0.4 point, up from last week when it averaged 2.96 percent.
The one-year ARM average increased to 2.65 percent with an average 0.2 point. The same term priced at 3.20% a year ago. It was 2.62 percent a week ago.
“The positive employment reports pushed Treasury yields to about 2.3 percent as investors responded by placing a higher likelihood on a December rate hike”.
The average contract interest rate for 5/1 ARMs increased to 3.22 percent, its highest level since February 2015, from 3.12 percent, with points increasing to 0.28 from 0.25 for 80 percent LTV loans.
“We think the markets finally believe a December rate hike is a likely outcome”, Erin Lantz, vice president of mortgages at real estate website Zillow, said in a telephone interview Wednesday.
After decreasing the previous two weeks, mortgage application volume fell again during the week ended November 6 – dipping 1.3% on an adjusted basis, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
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The report found that the Federal Housing Administration share of total applications increased to 14.1 percent from 13.2 percent the week prior. On an unadjusted basis, the Index decreased 2 percent compared with the previous week.
