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.
Katrina Gutierrez is a writer at GET.com, a personal finance website. Email: email@example.comEditorial Disclosure: The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.