Weekly Application Volume Falls 4.5%: MBA
The Mortgage Bankers Association's (MBA) survey of mortgage applications declined again last week. Gross mortgage application volume was down 4.5% for the week ending November 20 in the MBA’s weekly composite index. The MBA’s refinance index was down 9.5% from the previous week and the purchase index increased 9.6%. Refinance mortgages took a decreased share of the market at 71.7% compared to 74.6% in the week prior. Adjustable-rate mortgages (ARMs) accounted for 5.3% of total application volume, up from 5.1% in the previous week. The composite index’s four-week moving average increased 0.5%, while the four-week moving average decreased 6.4% in the purchase index and increased 4% in the refinance index. The MBA’s weekly indices cover more than 50% of all US retail residential mortgage applications and surveys mortgage bankers, commercial banks and thrifts. Next week’s index will likely be adjusted for the shortened holiday week. Write to Austin Kilgore.