Decline in Mortgage Applications for a Third Consecutive Week

mortgage applications

Mortgage applications declined by 0.9% in the week ended November 7th. This was the third consecutive weekly decline of the seasonally adjusted Market Composite Index, which measures applications volume. On a seasonally unadjusted basis, the decline was 2% compared to the previous week. The data was presented in the Weekly Mortgage Applications Survey of the MBA.
The Refinance Index dropped down by 2%. Despite the decline in the applications for mortgage refinance, their share in the total volume of applications remained unchanged. It stayed at 63% during the week ended November 7th.

The seasonally adjusted MBA Purchase Index, which indicates the changes in the applications for home purchase loans, rose by 1% compared to the previous week. The non-adjusted Purchase Index fell by 2%. It was 11% lower compared with the same week one year ago.

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The share of adjustable-rate mortgage loan applications in the total volume of applications declined to 7.1% during the week ended November 7th. This is the smallest share which the applications for ARMs have reached since the first month of this year.

While the share of ARM activity declined, the share of applications for government-backed home loans increased during the week. The share of applications for FHA loans rose to 9.6% from its level of 9.5% during the week before. The share of VA applications climbed to 11% from 10.7% in the previous week. The share of applications for USDA loans remained unchanged. It stood at is previous week’s level of 0.9%.

The average contract rate on a 30-year fixed-rate conforming home loan rose to 4.19% in the week ended November 7th compared with 4.17% in the previous week. The average rate on a 30-year fixed-rate jumbo loan remained 4.13%. The average rate on a 30-year fixed FHA loan increased to 3.90% from 3.84% in the week before. The average rate on a 15-year fixed rate mortgage was the same as in the previous week – 3.38%.

Christian

Christian

Christian Calvin mortgage Christian is a contributing writer for Mortgage.info. He is a graduate from the University of Tennessee with a degree in Communications and a concentration in Broadcasting. Christian has served as vice-president for a privately-held company for more than 20 years. Additionally, he has also applied his writing and business knowledge to various websites with a focus on business and sports news . . . both of which are passions. Christian enjoys playing golf and spending time with his family and friends.

Contact: christian@mortgage.info
Christian

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