Mortgage Applications Steady For The Week, Strong For The Year

The purchase index was little changed in the December 4 week, up 0.04 percent to an unusual second decimal place as published by the Mortgage Bankers Association. Year-on-year, however, the gain is robust with no decimals offered, at plus 29 percent. The refinance index, measured as usual with one decimal place, rose 4.0 percent in the week. No matter how many decimal places MBA may or may not use, the approaching readings for the purchase index will be interesting to watch as they will cover the reaction, if any, to next week's pending rate hike by the Fed. The average rate for 30-year fixed mortgages with conforming balances ($417,000 or less) rose 2 basis points in the week to 4.14 percent.