Mortgage applications unchanged for week

The volume of residential mortgage applications was essentially unchanged for the week ended Dec. 26, even as the interest rates charged on mortgages continued to decline, according to data from the Mortgage Bankers Association of Washington. The Market Composite Index, a measure of loan application volume, was 1,245.7 last week, up incrementally from a seasonally adjusted reading 1,245.4 the week earlier. The week's results included an adjustment that accounted for the shortened week due to the Christmas holiday. Overall mortgage applications are up 155% compared to the same week in the year-ago period. In a sign that consumers are taking advantage of lower mortgage rates, the MBA's four-week moving average for mortgage applications increased by a seasonally adjusted 10.3%. Interest rate on 30-year fixed-rate mortgages averaged 5.03%, down slightly from 5.04% the previous week. Meanwhile, 15-year fixed-rate mortgages had an average rate of 4.79%, down from 4.91%. One-year adjustable-rate mortgages averaged 6.15%, down from 6.36% the previous week.