PhotoMortgage applications dipped last week as consumers took a day off to observe Thanksgiving.

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, applications were down 0.2% in the week ending November 27.

The Refinance Index plunged 6% from the previous week, sending the refinance share of mortgage activity down 2.1% -- to 56.6% of total applications.

The adjustable-rate mortgage (ARM) share of activity was 6.1% of total applications; the FHA share fell to 13.2% from 13.7% the week prior; the VA share inched up 0.3% from the previous week to 11.3%; and the USDA share of total applications was unchanged at 0.7%.

Contract interest rates

  • The average contract interest rate for 30-year fixed-rate mortgages (FRMs) with conforming loan balances ($417,000 or less) slipped two basis points -- to 4.12% from 4.14%, with points increasing to 0.50 from 0.49 (including the origination fee) for 80% loan-to-value ratio (LTV) loans. The effective rate decreased from last week.
  • The average contract interest rate for 30-year FRMs with jumbo loan balances (greater than $417,000) was unchanged at 3.99%, with points rising to 0.33 from 0.30 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 30-year FRMs backed by the FHA rose to 3.89% from 3.87%, with points unchanged at 0.49 (including the origination fee) for 80% LTV loans. The effective rate increased from last week.
  • The average contract interest rate for 15-year FRMs fell three basis points to 3.36%, with points increasing to 0.44 from 0.43 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.
  • The average contract interest rate for 5/1 ARMs dropped from 3.19% to 3.11%, with points rising to 0.44 from 0.38 (including the origination fee) for 80% LTV loans. The effective rate decreased from last week.

The survey covers over 75% of all U.S. retail residential mortgage applications.  


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