Mortgage rates largely unchanged
Weekly fluctuation negligible
Mortgage rates showed little movement week-over-week, the Mortgage Bankers Association (MBA) revealed in its most recent weekly mortgage report.
According to the MBA’s Weekly Mortgage Applications Survey (week ending January 11, 2013), fixed-rate mortgages stayed even on a weekly basis, while adjustable-rate mortgages (ARMs) increased slightly.
Average rates for 30-year fixed mortgages remained unchanged on a weekly basis at 3.61 percent. The same can be said of shorter-term 15-year fixed mortgages, which stayed even at an average rate of 2.88 percent.
The MBA data did show a slight increase in average rates of 5-year ARMS, from 2.64 percent to 2.66 percent week-over-week.
Additionally, FHA-backed 30-year fixed mortgages saw a rise in average rates on a weekly basis – from 3.35 percent the previous week to 3.39 percent in the latest survey.
Mortgage activity increases
Despite the relative lack of movement in mortgage rates, mortgage activity (measured by application activity) increased in the same time frame.
Overall, mortgage application activity spiked 15.2 percent on a weekly basis, the MBA said, with both purchase and refinance activity showing strong increases.
The MBA’s Purchase Index rose 13 percent week-over-week, while its Refinance Index increased 15 percent.
With both purchase and refinance activity rising, the share of overall mortgage activity associated with refinancing stayed even week-over-week at 82 percent.
Mortagge refinancing activity has dominated overall mortgage activity for some time now.