According to the Mortgage Bankers Association’s Weekly Applications Survey, total mortgage application volume fell last week following the previous week’s surge in activity. The Market Composite Index, which measures both refinance and purchase applications, was down 5.0 percent. But, though both the Refinance and Purchase Index dropped, the four-week moving average for the Market Index is up 4.12 percent. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.11 percent last week from 4.06 percent the week before. The average 30-year rate for jumbo loans dropped to 4.39 percent. During the month of December, 56.6 percent of borrowers chose fixed-rate 30-year loans, while 23 percent chose 15-year loans. More here.
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