US mortgage applications pick up

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US mortgage applications rose 4.5 percent on a seasonally adjusted basis in the week that ended 6 January, according to a survey conducted by the Mortgage Bankers Association of America (MBA), which covers 75 percent of the mortgage market.

Refinances increased by 3.3 percent from the previous week, while purchases jumped 8.1 percent. Refinances comprised 80.8 percent of all applications, a decrease from 81.9 percent, last year’s highest level.

Adjustable rate mortgages expanded 5.4 percent against the 4.7 percent posted in the previous week.

The four-week moving average for mortgage applications fell 0.53 percent, with a drop in purchases at 1.92 percent while refinances declined at 0.09 percent.

The average interest rate for 30-year fixed-rate mortgages of US$417,500 (S$539,744) or less stood at 4.11 percent, an increase from last week’s 4.07 percent.

Meanwhile, the average interest rate for 30-year fixed-rate mortgages above US$417,500 (S$539,744) fell to 4.34 percent from 4.41 percent last week.

FHA-backed 30-year fixed-rate mortgage rates remained unchanged at 3.96 percent, while interest rates for 15-year fixed-rate mortgages rose to 3.40 percent from 3.37 percent.

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