Application volume fell by 11.7% on a seasonally adjusted basis for the week ended Nov. 25, with the data adjusted to take into account Thanksgiving, according to the Mortgage Bankers Association.
Purchase application volume was down by less than 1% from the previous week on a seasonally adjusted basis, but down by over 18% on an unadjusted basis from the same week in 2010.
The Refinance Index fell by 15.3% from the previous week, as the market share of refi applications fell to 73.9% from 75.9% one week prior. This is the lowest market share for refis since July. MBA tracks activity through its proprietary application index.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) was down two basis points to 4.21%, while for 30-year FRMs with jumbo loan balances, the average contract rate fell by four basis points to 4.55%.
The average contract interest rate for 30-year Federal Housing Administration-insured loans declined by five basis points to 4.00% (which is its lowest point since January), while the average contract interest rate for 15-year FRMs was unchanged at 3.58%.
