Mortgage application activity fell 0.9% for the week ending Nov. 23, following a 2.2% drop a week earlier, the Mortgage Bankers Association said.

On an unadjusted basis, applications fell 24% when compared to the prevous week. 

The latest results were adjusted for the Thanksgiving Day holiday.

The refinance index declined 2% from the prior week while the seasonally adjusted purchase index increased 3% from a week earlier.

The refinance share of mortgage activity hovered at 81% of all applications, unchanged from a week before, while the adjustable-rate mortgage share of activity declined to 4% of total applications.

The average 30-year, fixed-rate mortgage with a conforming loan balance fell to 3.53% from 3.54%, while the average contract interest rate for a 30-year FRM with a jumbo loan balance declined to 3.75% from 3.76%.

The average contract interest rate for a 30-year FRM backed by the FHA remained unchanged at 3.36%, and the average 15-year FRM was unchanged at 2.89%. The 5/1 ARM fell to 2.60% from 2.62%.

kpanchuk@housingwire.com

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