Mortgage applications dropped 3.2% from last week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 20.

The MBA noted that last week’s results included an adjustment for the Veteran’s Day holiday.

The refinance index declined 5% from the previous week, while the seasonally adjusted purchase index dipped 1% from one week earlier.

Overall, the refinance share of mortgage activity came in at 58.7% of total applications, slightly up from 58.6% the previous week. The adjustable-rate mortgage share of activity increased to 6.4% of total applications.

The average loan size for purchase applications posted a new survey high and reached $303,600.

The Federal Housing Administration's share of total applications decreased to 13.7% from 14.4% the week prior. The Veterans Affairs' share of total applications decreased to 11% from 11.7% the week prior. The Department of Agriculture's share of total applications remained frozen at 0.7%.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) fell from 4.18% last week to 4.14%.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) came in at 3.99%, falling from 4.05%.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.87% compared to 3.90% a week ago.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.39% from 3.40%, while the average contract interest rate for 5/1 ARMs increased to 3.19% from 3.18%.

For added perspective on the status of the housing market, according to the latest data from a la mode, inc., appraisal volume reversed course and increased for the week of Nov. 15, rising 1.9%.