Mortgage application volume was basically flat during the week ended Nov. 27, dipping just 0.2% on an adjusted basis compared with the previous week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
Without any adjustment for the Thanksgiving holiday, volume decreased 32% compared with the previous week.
Applications for refinances decreased 6% on an adjusted basis, while applications for purchases increased 8%.
On an unadjusted basis, applications for purchases decreased 28% compared with the previous week but were 30% higher compared with the same week one year ago.
The refinance share of mortgage activity decreased to 56.6% of total applications from 58.7% the previous week.
Fixed mortgage rates were also more or less flat for the week. The average rate for a 30-year, fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.12%, down from 4.14% the previous week.
The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) remained unchanged at 3.99%.
The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.89%, up from 3.87%.
The average rate for a 15-year FRM was 3.36%, down from 3.39%.
The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.11%, down from 3.19%.
The ARM share of mortgage activity decreased to 6.1% of total applications.
Looking at volume by loan type, the FHA share was 13.2% of all applications – down from 13.7% the week prior. The Veterans Affairs share was 11.3%, up from 11.0% the week prior. The U.S. Department of Agriculture share of total applications remained unchanged at 0.7%.
All rates are based on closings. The survey covers about 75% of the U.S. mortgage market.