Mortgage Application Volumes Uptick in U.S.

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According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 30, 2012, mortgage applications increased 4.5 percent from one week earlier. Last week's results included an adjustment for the Thanksgiving holiday.
 
The Market Composite Index, a measure of mortgage loan application volume, increased 4.5 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 49 percent compared with the previous week.
 
The Refinance Index increased 6 percent from the previous week.
 
The seasonally adjusted Purchase Index increased 0.1 percent from one week earlier. The unadjusted Purchase Index increased 36 percent compared with the previous week and was 0.1 percent lower than the same week one year ago.
 
The refinance share of mortgage activity increased to 83 percent of total applications from 81 percent the previous week. The HARP share of refinance applications increased to 27 percent from 26 percent the prior week. The adjustable-rate mortgage (ARM) share of activity decreased to 3 percent of total applications.
 
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.52 percent, matching the lowest rate in the history of the survey, from 3.53 percent, with points increasing to 0.41 from 0.40 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans.  The effective rate decreased from last week.
 
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) increased to 3.79 percent from 3.75 percent, with points increasing to 0.32 from 0.31 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.
 
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.34 percent, matching the lowest rate in the history of the survey, from 3.36 percent, with points decreasing to 0.62 from 0.65(including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.
 
The average contract interest rate for 15-year fixed-rate mortgages decreased to 2.86 percent, the lowest rate in the history of the survey, from 2.89 percent, with points decreasing to 0.27 from 0.35 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.
 
The average contract interest rate for 5/1 ARMs increased to 2.62 percent from 2.60 percent, with points increasing to 0.40 from 0.37 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.
 
 Fixed-rate mortgages backed by the FHA remained unchanged at 3.36 percent, with points increasing to 0.65 from 0.63 (including the origination fee) for 80 percent LTV loans.  The effective rate increased from last week.
 
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 2.89 percent, with points increasing to 0.35 from 0.25 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.
 
The average contract interest rate for 5/1 ARMs decreased to 2.60 percent from 2.62 percent, with points remaining unchanged at 0.37 (including the origination fee) for 80 percent LTV loans.  The effective rate decreased from last week.