MBA: Mortgage Application Volume Fell Last Week

After increasing the previous week, mortgage application volume fell 4.3%, on an adjusted basis, during the week ended Nov. 21, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

On an unadjusted basis, volume fell 5% compared to the previous week.

On an adjusted basis, applications for refinances fell 4%, while applications for purchases fell 5%.

On an unadjusted basis, purchase applications increased 1% compared with the previous week but were 10% lower than the same week one year ago.

The refinance share of mortgage activity increased to 63% of total applications from 61% the previous week.Â

Mortgage rates continued to hold steady. The average rate for a 30-year fixed-rate mortgage (FRM) with conforming loan balances ($417,000 or less) was 4.15%, down from 4.18% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) remained unchanged at 4.10%.

The average rate for 30-year FRM backed by the Federal Housing Administration was 3.90%, up from 3.85% the previous week.

The average rate for a 15-year FRM was 3.35%, down from 3.38%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 3.06%, down from 3.09%.

The ARM share of activity increased to 7.0% of total applications.

The FHA share of total applications was 9.4%, down from 9.9% the previous week. The Veterans Affairs share of total applications was 10.3%, down from 11.5%. The U.S. Department of Agriculture share of total applications remained unchanged at 0.8%.


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