Mortgage Applications Fall 3% from Last Week: MBA

Mortgage applications fell 3.2% on a seasonally adjusted basis for the week ending Nov. 20 compared to one week earlier, according to the Mortgage Bankers Association.

The MBA's Market Composite Index, which measures mortgage loan application volume, increased 6% on an unadjusted basis from last week.

Refinance application volume was down 5% from the previous week. Purchase apps were down 1% on a seasonally adjusted basis; and up 5% on an unadjusted basis and 27% higher than the same week a year ago.

Figures from the previous week had been further adjusted for the Veterans Day holiday.

Refinancings as a share of all mortgage activity increased one basis point to 58.7% of total applications.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) fell four basis points to 4.14%. The 30-year jumbo ($417,000 or greater) fixed-rate mortgage fell six basis points to 3.99%.

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