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Mortgage rates see little change, but applications grow

Posted on Friday, November 20, 2015 at 10:46:28 AM

Average fixed mortgage rates saw little change from last week as analysts focused on the Federal Open Market Committee's minutes, which suggested that many officials expect interest rates to climb next month given strong economic conditions. Freddie Mac's Primary Mortgage Market Survey found that, in the week ending Nov. 19, 30-year fixed-rate mortgages averaged 3.97 percent, down slightly from the 3.98 percent recorded the week before. At this time one year ago, the 30-year FRM averaged 3.99 percent.

"Treasury yields stabilized about 5 basis points below last week's level as the market shrugged off economic data and world events and turned its attention to the minutes of the October FOMC meeting," said Sean Becketti, Freddie Mac's chief economist. "The FOMC minutes were couched in careful Fed-speak, and early market reaction was mixed, with most analysts reading their own expectations into the minutes."

As mortgage rates remained unchanged, mortgage applications increased. The Mortgage Bankers Association announced on Wednesday that, according to the Market Composite Index, applications grew 6.2 percent from last week on a seasonally adjusted basis. The share of FHA loans increased from 14.1 percent to 14.4 percent.