Mortgage applications fell 3.2% on a seasonally adjusted basis for the week ending Nov. 20 compared to
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%.