Mortgage Applications Plunge 11.7% During Holiday Week

Factoring in the Thanksgiving holiday, the Mortgage Bankers Association (MBA) reports that mortgage applications decreased 11.7% last week from one week earlier.

On an unadjusted basis, the MBA's Market Composite Index, which measures loan application volume, fell 39% from the previous week.

The Refinance Index decreased 15.3% week over week, while the Purchase Index fell 0.8% and 33.7% on a seasonally adjusted and seasonally unadjusted basis, respectively. The unadjusted Purchase Index was 18.2% lower than it was the same week one year ago, according to the MBA's survey.

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