Mortgage applications dip in the us

Mortgage applications decreased 0.2 per cent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending November 27, 2015. (The results include an adjustment for the Thanksgiving holiday.)

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) decreased to 4.12 per cent from 4.14 per cent, with points increasing to 0.50 from  0.49 (including the origination fee) for 80 per cent loan-to-value ratio (LTV) loans.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) remained unchanged at 3.99 per cent, with points increasing to 0.33 from 0.30 (including the origination fee) for 80 per cent LTV loans. 

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 3.89 per cent from 3.87 per cent, with points remaining unchanged at 0.49 (including the origination fee) for 80 per cent LTV loans. 

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.36 per cent from 3.39 per cent, with points increasing to 0.44 from 0.43 (including the origination fee) for 80 per cent LTV loans.

The average contract interest rate for 5/1 ARMs decreased to 3.11 per cent from 3.19 per cent, with points increasing to 0.44 from 0.38 (including the origination fee) for 80 per cent LTV loans.