U.S. mortgage applications, rates decline

New York /
Nov.November 28, 2012 08:30 AM

The number of mortgage applications decreased 0.9 percent during the week ending November 23 on a seasonally adjusted basis and 24 percent on an unadjusted basis, the Mortgage Bankers Association announced today. This week’s results include an adjustment for the Thanksgiving holiday.

The Refinance Index fell 2 percent from last week, while the seasonally adjusted Purchase Index grew by 3 percent from one week earlier. Unadjusted, the Purchase Index dropped 24 percent from last week, and was 8 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 decreased to 4 percent of total applications, while the government share of purchase applications decreased to 33 percent — its lowest share in the survey since early 2009.

Interest rates for 30-year fixed-rate loans with conforming balances declined to 3.53 percent from 3.54 percent. Jumbo loan rates also decreased to 3.75 percent from 3.76 percent. Rates for Federal Housing Administration-backed 30-year fixed-rate loans remained unchanged at 3.36 percent, as did 15-year fixed-rate loan rates, which held at 2.89 percent. —Christopher Cameron


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