Thanksgiving Week Not So Hot for Applications
Blame it on the turkey. New mortgage applications fell—on an unadjusted basis—by 24% for the week ending Nov. 23, according to new figures compiled by the Mortgage Bankers Association. The comparison is to the week prior.
Overall, when seasonal adjustments are factored in, the picture looks a little better with new business falling by just under 1%, the trade group reported.
Refinancings held steady at 81% of applications, flat from the week prior.
Rates on 30-year fixed-rate loans fell a tick to 3.54%. Jumbo rates declined fractionally to 3.75%.
Lenders interviewed by National Mortgage News this past week said volumes remain strong. Bill Dallas, CEO of Skyline Home Loans, Calabasas, Calif., when asked if consumer concerns about the fiscal cliff have affected business, replied, “Nope, not at all.”