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.
Weekly Application Volume Falls 4.5%: MBA
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