Mortgage applications maintained the upward trend we've seen so far this month, rising unanimously yet again. 5-year rates are the only exception to this rule, remaining unchanged compared to a week earlier.

This mortgage rate increase has undoubtedly been a strong influencing factor in the decrease in mortgage applications recorded over the past week.

30-year fixed-rate mortgages increased slightly from 3.95% last week to 3.97% this week.

15-year fixed-rate mortgages rose as well, reaching 3.22% this week compared to 3.19% a week earlier.

5-year adjustable-rate mortgages remained at 3.03% as it was one week ago.

1-year adjustable-rate mortgages increased to 2.67% this week compared to 2.64% the previous week.

Applications for mortgages dropped 1.1% last week ending December 11, 2015, as mortgages rates increased, according to the MBA Weekly Mortgage Applications Survey.

Likewise, data from this survey indicates an increase in the refinance share of mortgage activity from 58.7% of all mortgage applications two weeks ago to 60.7% last week. The adjustable-rate mortgage share of activity dropped to 6% of total applications last week, compared to 6.2% a week earlier.

Meanwhile, the FHA share of all mortgage applications remained at 14% as the VA share of total applications rose from 10.8% two weeks ago to 11.2% last week. The USDA share of total applications dropped from 0.7% to 0.6% during this period.

Taking on a quarterly view, we see a pattern of increasing mortgage debt running parallel to the steady increase in mortgage rates. The mortgage debt outstanding of multifamily loans rose 1.9% between the second and third quarter, increasing $19.3 billion to a total of $1.02 trillion in the third quarter. Together, commercial and multifamily mortgages increased 1.4% between the second and third quarter of 2015, rising by $38 billion.

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