US Home Mortgage Applications Decline
US Home Mortgage Applications Decline
The Mortgage Bankers Association MBA released its weekly report on mortgage applications Wednesday morning, noting a decline of 0.9% in the group’s seasonally adjusted composite index compared with last week’s drop of 2.2%.
The index is adjusted for the Thanksgiving holiday, unadjusted, the composite index fell by 24%.
Applications for refinancing fell by 2% seasonally adjusted, while seasonally adjusted purchase applications increased by 3% from the previous week. Unadjusted, the purchase index declined by 24% compared with the previous week and rose 8% compared with the same week a year ago.
The refinancing rate remained steady at 81% of total applications. About 96% of the applications were seeking fixed-rate loans, consistent with last week’s reading.
The average contract interest rate for a conforming 30-yr fixed-rate mortgage decreased from 3.54% to 3.53%. The rate for a jumbo 30-yr fixed-rate mortgage also fell, from 3.76% to 3.75%. The average interest rate for a 15-yr fixed-rate mortgage remained unchanged at 2.89%.
The contract interest rate for a 5/1 adjustable rate mortgage decreased from 2.62% to 2.60%.
The holiday week put a cap on mortgage applications, and applications are likely to remain soft until after the holiday season.
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