Prospective borrowers on home loans completed fewer loans applications last week, and applications for refinances led the retreat.
As of the week that ended on Nov. 20, the Market Composite Index was down three percent from the previous seven-day period.
The application index, which is
a measure of the volume of residential loan applications, is adjusted to reflect seasonal variations.
The index is included in the
Weekly Mortgage Applications Survey from the Mortgage Bankers Association.
Without any seasonal adjustments, the index was up six percent from the week ended Nov. 18.
MBA reported that refinance applications fell five percent on a seasonally adjusted basis. Refinance share, meanwhile, was 58.7 percent, slightly wider than the previous weeks 58.6 percent.
A one percent week-over-week decline was reported for the Purchase Index. But without seasonal adjustments, purchase business increased climbed five percent on a week-over-week basis and 24 percent on a year-over-year basis.
The trade group said that the average loan amount on purchase applications was $303,600 — a survey high.
At 6.4 percent, the share of weekly activity that was represented by adjustable-rate mortgages was slightly fatter than the previous week’s 6.3 percent.
Applications for Federal Housing Administration-insured loans thinned to 13.7 percent from 14.4 percent in the last report.
The share of applications for mortgages guaranteed by the Department of Veterans Affairs also declined, to 11.0 percent from 11.7 percent one week previous.
Interest rates on jumbo mortgages were
15 basis points less than rates on conforming loans. The jumbo-conforming spread widened from a negative 13 BPS a week earlier.
