Mortgage Rates Today, Friday, Dec. 2: Steady for Now

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Mortgage rates showed little movementon Friday. Thirty-year fixedrates and 5/1 ARM rates were down, while 15-year fixed rates increased, according to a NerdWalletsurvey of mortgage rates published by national lendersthis morning.

 
Mortgage Rates Today,
Friday, Dec. 2

(Change from 12/1)
30-year fixed: 4.33% APR (-0.01)
15-year fixed: 3.72% APR (+0.01)
5/1 ARM: 3.78% APR (-0.02)

 
Mortgageapplications down

For the week ending Nov. 25, mortgage application volumefell 38% compared with the previous week,according to data released Wednesday from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey. On a seasonally adjusted basis, volume was down9.4%.

 

“Mortgage application volume in the Thanksgiving week dropped sharply to the lowest level since early January, as mortgage rates increased to their highest point since July 2015,” Mike Fratantoni, the MBA’s chief economist, said in a release. “Refinance volume, which is very sensitive to rates, dropped more than 16% in the most recent week, with refinances of government loans dropping 30%.”

 

“On a seasonally adjusted basis, purchase volume was little changed last week,” he said. “However, the mix continues to shift towards higher-balance loans, as the average purchase loan size reached a new survey record” of $312,400.

Fratantoni suggested that first-time homebuyers and buyers of lower priced homes may have shied away from the housing market because ofincreasing mortgage rates. “It appears that many homebuyers rushed to get their applications two weeks ago as rates began to increase,” he said.

According to the MBA’s survey, the seasonally adjusted volume for purchase loans fell 0.2% from one week earlier. The unadjusted volumedecreased 34% compared with the previous week. But this number is 3% higher than the same week last year.

Survey data on other mortgage activity included the following:



- Refinances fellto 55.1% of total applications from 58.2% the previous week, the lowest level since June 2016.
- Adjustable-rate mortgages roseto 5.7% of total applications, the highest level since June 2016.
- FHA mortgage applications decreased to 10.4% from 11.7% the previous week.
- VA mortgage applications decreased to 11.7% from 12.5% the previous week.
- USDA mortgage applications stayedat 0.8%.

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Homeowners looking to lower their mortgage rate can shop for refinance lenders here.

NerdWallet daily mortgage rates are an average of the published APR with the lowest points for each loan term offeredby a sampling of major national lenders. Annual percentage rate quotes reflect an interest rate plus points, fees and other expenses, providingthe most accurate view of the costsa borrower might pay.

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Michael Burge is a staff writer at NerdWallet, a personal finance website. Email:mburge@nerdwallet.com.

The article Mortgage Rates Today, Friday, Dec. 2: Steady for Now originally appeared on NerdWallet.