MBA: Mortgage Application Volume Increased 1.2% Thanksgiving Week

After decreasing slightly the previous week, mortgage application volume increased 1.2% on an adjusted basis during the week ended Dec. 4, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

Without adjusting for the Thanksgiving holiday, application volume increased 43% compared with the previous week.

Applications for refinances increased 4% on an adjusted basis, while applications for purchases increased 0.04%.

On an unadjusted basis, applications for purchases increased 36% compared with the previous week and increased 29% compared with the same week one year ago.

The refinance share of mortgage activity increased to 58.7% of total applications from 56.6% the previous week.

Mortgage rates increased slightly compared with the previous week. The average rate for a 30-year, fixed-rate mortgage (FRM) with conforming loan balance ($417,000 or less) was 4.14%, up from 4.12% the previous week.

The average rate for a 30-year FRM with jumbo loan balance (greater than $417,000) was 4.02%, up from 3.99%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 3.91%, up from 3.89%.

The average rate for a 15-year FRM was 3.39%, up from 3.36%.

The average rate for a 5/1 adjustable-rate mortgage (ARM) was 2.98%, down from 3.11%.

The ARM share of activity increased to 6.2% of total applications.

Looking at volume by loan type, the FHA share was 14.0% of all applications – up from 13.2% the week prior. The Veterans Affairs share was 10.8%, down from 11.3% 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.


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