This week, according to Freddie Mac, the amount of mortgage applications in the US decreased 12% compared to last week. This decrease also reduced the proportion of refinance mortgages to 81% compared to 82% of the total mortgage applications last week. Despite this decrease in US mortgage applications, the proportion of people applying for adjustable-rate mortgages increased this week to 4% of the total applications.
This decrease might have something to do with the slight increase we've seen in some of the mortgage rates this week, such as in the 30-year and 15-year fixed-rate mortgages.
30-year fixed-rate mortgages increased this week from 3.37% last week to 3.41%, although this rate is still much lower than last year's mortgages at the end of October, which were at 4.1% for 30-year mortgages.
15-year mortgage rates had the largest increase this week, going from 2.66% last week to 2.72% this week. This rate is still lower than that of 5-year mortgage rates this week, which have remained unchanged since last week, and are still at 2.75%.
1-year adjustable-rate mortgages are the only rates which have decreased this week, going from 2.6% last week to 2.59% this week. This is the second lowest mortgage rate we have seen in almost half a century.