According to Zillow Mortgage Marketplace, the 30-year fixed rate mortgage (FRM) rose 17 basis points in the week ending Nov. 12 to 4.44 percent. The rate moved up due to the government’s strong jobs numbers and better-than-expected growth in the gross domestic product (GDP). The Mortgage Bankers Association (MBA) reports refinance applications fell two percent on the week and purchase applications dropped one percent on a seasonally adjusted basis. For the same week one year ago, purchase apps were down six percent on an unadjusted basis. As nationalmortgagenews informs MHProNews, refis comprised 66 percent of the loan applications during the week. Federal Housing Administration (FHA) insured loans increased nine points to an average contract rate for the week of 4.16 percent. For the 30-year conforming FRM the average contract rate was 4.44 percent, up 12 basis points from the prior week.
