This week fixed-rate and 5-year adjustable-rate mortgages decreased by 2 percentage points simultaneously, although they remain at high levels. Meanwhile, 1-year mortgage rates have increased, and are currently well above the 1-year mortgage rates we saw a year ago.

Here is a summary of the main mortgage rate changes recorded by Freddie Mac this week:

30-year fixed-rate mortgages decreased this week to 3.93% compared to 3.95% a week earlier. This rate was at 3.89% one year ago.

15-year fixed-rate mortgages also dropped slightly from 3.18% one week ago to 3.16% this week. During the first week of December 2014, this rate was at 3.1%.

5-year adjustable-rate mortgages decreased as well, reaching 2.99% this week, as opposed to 3.01% last week. This is higher than the 2.94% rate that was observed a year earlier.

1-year adjustable-rate mortgages increased this week, in contrast to the other mortgage rates mentioned above. Rates rose from 2.59% one week ago to 2.61% this week. This is the rate with the largest difference compared to last year, when 1-year rates averaged 2.41%.

The relatively high mortgage rates that have been predominant since mid-November might be the reason why mortgage applications dropped 0.2% last week, ending November 27, 2015, compared to a week earlier.

Additionally, data released by the MBA Weekly Mortgage Applications Survey noted a change in the refinance share of mortgage activity, which dropped from 58.7% two weeks ago to 56.6% of all mortgage applications last week. Likewise, the adjustable-rate mortgage share of activity decreased to 6.1% of total applications last week compared to 6.4% a week earlier.

Meanwhile, the FHA share of all applications dropped from 13.7% two weeks ago to 13.2% last week. The VA share of total applications rose however, reaching 11.3% last week compared to 11% the previous week. The USDA share of all mortgage applications remained at 0.7% for the fifth consecutive week.

Compare Mortgages