Refi activity falls for third straight week

Refinance activity declined for the third week in a row as the 30-year fixed-rate mortgage’s average contract interest rate climbed to its highest level since August, according to the latest weekly survey from the Mortgage Bankers Association. The data, which includes an adjustment for the Thanksgiving holiday, shows refinance applications down 21.6 percent week-over-week, even as purchase applications rose slightly, by 1.1 percent, to their highest level since May. The interest rate for the 30-year mortgage reached 4.56 percent for the week that ended Nov. 26, up from 4.5 percent one week ago. The 15-year fixed-rate mortgage rose to 3.91 percent from 3.83 percent over the same time period. TRD