Mortgage applications marginally declined 0.2% from a week earlier, according to the latest report from the Mortgage Bankers Association for the week ending Nov. 27.
This is a significantly smaller drop when compared to last week’s 3.2% decline in applications.
The refinance index tumbled 6% from the previous week, which is slightly less than last week’s 5% drop.
The seasonally adjusted purchase index increased 8% from one week earlier.
As a whole, the refinance share of mortgage activity decreased to 56.6% of total applications from 58.7% the previous week, as the adjustable-rate mortgage share of activity decreased to 6.1% of total applications.
The Federal Housing Administration share of total applications fell to 13.2%, down from 13.7% the week prior. The Veterans Affairs share of total applications increased from 11% a week ago to 11.3%. The Department of Agriculture share of total applications remained unchanged from 0.7% the week prior.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) dropped from 4.14% to 4.12%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) stayed frozen at 3.99%.
In addition, the average contract interest rate for 30-year fixed-rate mortgages backed by the FHA came in at 3.89%, increasing from 3.87%.
The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.36% from 3.39%, while the average contract interest rate for 5/1 ARMs decreased to 3.11% from 3.19%.
For added perspective on the status of the housing market, according to the latest data from a la mode, inc., appraisal volume dropped 29.2% from the previous week.
