MBA: Mortgage Application Volume Down O.3%

Posted by Patrick Barnard on November 27, 2013 No Comments
Categories : Residential Mortgage

Mortgage application volume decreased 0.3%, on an adjusted basis, during the week ending Nov. 22, compared to one week earlier, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, application volume increased 9% compared with the previous week – however, it should be noted that the previous week included the Veteran's Day holiday weekend.

Refinancing volume increased 0.1% based on a slight dip in mortgage interest rates that began the previous week. The refinance share of mortgage activity increased to 66% of total applications, up from 64% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 8% of total applications.

The survey's Purchase Index, which forecasts future application volume based on the season and a range of financial data, decreased 0.2% from one week earlier – however on an unadjusted basis it increased 6% and was 35% higher compared to the same week one year ago.

The average rate for a 30-year fixed-rate mortgage with conforming loan balance ($417,000 or less) increased to 4.48% compared to 4.46% the week prior.

The average rate for a 30-year fixed-rate mortgage with jumbo loan balance (greater than $417,000) increased to 4.48% compared to 4.47% the week prior.

The average rate for a 30-year fixed-rate mortgage backed by the FHA increased to 4.16% compared to 4.14% the week prior.

The average rate for a 15-year fixed-rate mortgage remained unchanged at 3.52%.

The average rate for a 5/1 adjustable rate mortgage increased to 3.18%, compared to 3.12% the week prior.

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