The most recent weekly survey conducted by the Mortgage Bankers Association (MBA) shows a decline of 9.4 percent in mortgage applications for the week ending November 25.
The MBA’s Weekly Mortgage Applications Survey adjusts for holidays, with last week’s data taking the Thanksgiving holiday into account.
Last week saw decreases in the Market Composite Index and the Purchase Index, with unadjusted results down 38 percent and 34 percent respectively. Seasonally adjusted figures show less dramatic changes, with the Market Composite Index falling 9.4 percent and the Purchase Index gaining 3 percent compared with the previous week.
The Refinance Index also slipped 16 percent from the previous week, while the total refinance share of mortgage activity decreased to 55.1 percent of applications – a decline of 3.1 percent from the previous week that marks the lowest level since June 2016. The average loan size attained a survey high of $312,400.
Interest rates increased across the board for 30-year fixed-rate mortgages in all balance categories, as well as those backed by the FHA. Mortgages with loan balances less than $417,000 reached 4.23 percent – the highest since July 2015 – while those with balances greater than $417,000 hit 4.18 percent, also the highest level since July 2015.