This week mortgage applications increased 0.2% compared to the previous week. This slight increase is more than expected as this week all mortgage rates have gone down, reaching two new record-lows for 15-year and 5-year mortgages.
30-year mortgage rates decreased to 3.4% this week compared to 3.41% last week. This is one of the lowest rates we have seen this year for 30-year mortgages, only 0.1% above the lowest rate of 3.31%, which we saw during the third week of November 2012.
According to Freddie Mac, 15-year fixed-rate mortgages decreased to 2.61% compared to 2.64% the previous week. This is a new record low that hasn't been seen in almost 50 years.
5-year adjustable-rate mortgages went down to 2.58% compared to 2.6% last week, reaching a new record-low that hasn't been seen in almost half a decade.
1-year adjustable rate mortgages also went down from 2.63% last week to 2.62% this week, although this is still one of the highest rates we've seen this year for 1-year mortgages.
This week the refinance share of mortgage applications has remained at 75%, the same as last week, while the adjustable-rate mortgage share of activity has decreased to 4%.