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Mortgage applications drop 12.8%

Refinance share of mortgage activity falls again

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Mortgage applications tumbled during the week ending Nov. 29, sinking 12.8% from the last report, the Mortgage Bankers Association said Wednesday.

Similarly, the refinance index also dropped 18%, hitting its lowest level since the beginning of September 2013.  

The purchase index dipped 4% from the previous week after recording a slight fall in the last update.

Overall, the refinance share of mortgage activity fell again and now represents 63% of all applications filed, down from 66% a week ago.

The 30-year, fixed-rate mortgage with a conforming loan limit increased to 4.51% from 4.48%, while the 30-year, FRM with a jumbo loan balance edged up to 4.49% from 4.48%.

Furthermore, the 30-year, FHA rate escalated to 4.17% from 4.14%, and the 15-year FRM rose from 3.52% last week to 3.56%.

Meanwhile, the average contract interest rate for a 5/1 ARM fell to 3.09% from 3.18%. 

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