MBA: Mortgage Application Volume Dipped 0.9% Last Week

Mortgage application volume dipped 0.9% on an adjusted basis during the week ended Nov. 7, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

Applications for purchases increased 1%, while applications for refinances fell 2% on slightly higher rates.

On an unadjusted basis, the index decreased 2% compared with the previous week.

Also on an unadjusted basis, purchase application volume fell 2% compared with the previous week and was down 11% compared to the same week one year ago.

The refinance share of mortgage activity remained unchanged at 63% of total applications.

The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.19%, up from 4.17%.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) remained unchanged at 4.13%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.90%, up from 3.84% the previous week.

The average rate for a 15-year FRM remained unchanged at 3.38%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.05%, down from 3.08% the previous week.

The ARM share of activity decreased to 7.1% of total applications, the lowest level since January.

Looking at application volume by loan type, FHA-backed loans represented about 9.6% of total applications for the week, up from 9.5% the week prior. The Veterans Affairs share of total applications increased to 11.0% from 10.7%, while the U.S. Department of Agriculture share of total applications remained unchanged at 0.9%.


Please enter your comment!
Please enter your name here