The Mortgage Bankers Association's (MBA) Market Composite Index for the week ending Nov. 12 decreased 14.4% on a seasonally adjusted basis from one week earlier.
The Refinance Index decreased 16.5% from the previous week and is at the lowest level observed since July. The seasonally adjusted Purchase Index decreased 5% from one week earlier – the first decrease after three consecutive weekly increases.
"Rates increased sharply last week due to stronger economic data and lingering uncertainty regarding the structure and impact of the Fed's QE2 program,’ says Michael Fratantoni, the MBA's vice president of research and economics. ‘Mortgage applications, particularly for refinances, dropped in response.’
The refinance share of mortgage activity decreased to 80.3% of total applications from 81.7% the previous week.
SOURCE: Mortgage Bankers Association