The number of mortgage applications during the week ending Nov. 30 increased 4.5 percent on a seasonally adjusted basis and 49 percent on an unadjusted basis, the Mortgage Bankers Association announced today. Last week’s results include an adjustment for the Thanksgiving holiday.
The Refinance Index grew 6 percent from last week, while the seasonally adjusted Purchase Index grew by 0.1 percent from one week earlier. Unadjusted, the Purchase Index climbed 36 percent from last week, and was 0.1 percent lower year-over-year. The share of refinancing activity increased to 83 percent of total applications. The adjustable-rate mortgage share of activity decreased to 3 percent of total applications.
Interest rates for 30-year fixed-rate loans with conforming balances decreased to 3.52 percent, matching the lowest rate in the history of the Mortgage Bankers Association survey, from 3.53 percent. But jumbo loan rates increased to 3.79 percent from 3.75 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans decreased to 3.34 percent, again the lowest rate in the history of the survey, from 3.36 percent. —Christopher Cameron