Residential application volume fell 10% on a seasonally adjusted basis for the week ending Nov. 11, as interest rates remained essentially flat compared to the previous week, according to new figures compiled by the Mortgage Bankers Association.
The application figures are adjusted to take into account the Veterans Day holiday.
The trade group's Refinance Index fell 12.2% from the previous week with the market share of refis declining to 77.3% from 78.6% one week prior. MBA tracks activity through its proprietary application index.
Purchase applications fell 2.3%.
The average contract interest rate for a 30-year fixed-rate mortgage with conforming loan balances ($417,500 or less) rose one basis point to 4.23%, while for 30-year FRMs with jumbo balances, the average contract rate fell 1bp to 4.56%.
The average interest rate for 30-year FHA-backed loans increased a single basis point to 4.03%, while the average contract rate for 15-year FRMs was unchanged at 3.54%.
