Headed into the last month of 2017, mortgage applications dropped a full 3.1% from the week before, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 24, 2017.
This decrease was adjusted due to the Thanksgiving Holiday. On an unadjusted basis, the index decreased a full 34% from the week before.
The Refinance Index dropped 8% from last week, falling to its lowest level since January 2017. The Purchase Index, however, increased 2% from last week to its highest level since September.
The refinance share of mortgage activity decreased to 48.7% of total applications, down from 49.9% the week before.
The adjustable-rate mortgage share of activity decreased to 6.2% of total applications.
The Federal Housing Administration’s share of applications increased from 10.6% last week to 10.8% this week, and the Veterans Affair’s share ofapplications increased to 11%, up from 10.7% last week.
The Department of Agriculture’s share of total applications increased to 0.8%, up from 0.7% the week prior.
The MBA reported mortgage interest rates for 30-year fixed-rate mortgages with conforming loan balances ($424,100 or less) remained unchanged from last week at 4.20%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $424,100) decreased slightly to 4.14% from 4.16% last week.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 4.07%, down from last week’s 4.08%.
The average contract interest rate for 15-year fixed-rate mortgages increased to 3.57% from 3.56%.
Lastly, the average contract interest rate for 5/1 ARMs increased to 3.42% from 3.31%.