The Real Deal New York

U.S. mortgage applications down 2.2 percent

November 21, 2012 03:30PM

The number of mortgage applications decreased 2.2 percent during the week ending November 16 on a seasonally adjusted basis and 13 percent on an unadjusted basis, the Mortgage Bankers Association announced today. Application rates this week were adjusted to account for the Veteran’s Day holiday.

The Refinance Index fell 3 percent from last week, while the seasonally adjusted Purchase Index grew by 3 percent from one week earlier. Unadjusted, the Purchase Index dropped 11 percent from last week, and was 6 percent higher year-over-year. The share of refinancing activity stayed unchanged at 81 percent of total applications. The adjustable-rate mortgage share of activity stayed at 4 percent of applications.

Interest rates for 30-year fixed-rate loans with conforming balances climbed to 3.54 percent from 3.52 percent. Jumbo loan rates decreased to 3.76 percent from 3.83 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans increased to 3.36percent from 3.34 percent and 15-year fixed-rate loan rates rose to 2.89 percent from 2.88 percent. —Christopher Cameron