MBA applications decline 10%
The number of mortgage applications filed in America fell 10% during the week ending Nov. 11, an industry trade group said Wednesday. The Mortgage Bankers Association reported that its market composite index – a measure of loan application volume – dropped 10% from the previous week, while the refinance index fell 12.2% and the purchase index declined 2.3%. Refinancing activity declined to 77.3% of total applications, compared to 78.6% a week earlier. Meanwhile, the adjustable-rate mortgage share of activity rose to 6.1% from 5.8% of total applications. In October, 50.6% of mortgage applications among refinancing borrowers were for fixed-rate, 30-year loans. About 28.8% were for 15-year, fixed-loans and 6% were for ARMs. The average, 30-year fixed-rate mortgage with a conforming loan balance of $417,500 or less rose slightly to 4.23% from 4.22% a week earlier. Meanwhile, the contract interest rate for 30-year, FRM with jumbo loan balances declined to 4.56% from 4.57%. The average rate on 30-year, FHA-backed mortgages edged up a slight bit from 4.02% to 4.03%. The MBA noted that 5/1 ARMs remained steady at 3.01%. Write to Kerri Panchuk.