Mortgage application volume decreased 3.1% on an adjusted basis during the week ended Nov. 24, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
The results include an adjustment for the Thanksgiving holiday.
Applications for refinances decreased 8%, while applications for purchases increased 2%.
On an unadjusted basis, total volume decreased 34% compared with the previous week. Applications for purchases were down 32% on an unadjusted basis but were 6% higher compared with the same week one year earlier. The refinance share of mortgage activity decreased to 48.7% of total applications, down from 49.9% the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.2% of total applications. The average rate for a 30-year fixed-rate mortgage remained unchanged from the week prior at 4.2%.