WASHINGTON Mortgage applications for the week that ended Nov. 17 fell 7.9%, to 350.4, on a seasonally adjusted basis from the previous week, the Mortgage Bankers Association reported.
On an unadjusted basis, the application index fell 0.9% from the week before and rose 4.2% from the same week last year. In addition, the housing-demand index dropped 6.14% from the previous week, to 307.9, while its seasonally adjusted refinance index fell 12.7%, to 602.7. The conventional-loan application index fell 6.79%, to 433.4, and the government-loan application index fell 11.40%, to 212.
Refinances represented 27.9% of loan applications, a decrease of 60 basis points, while adjustable-rate mortgage applications represented 13.7%, down 50 basis points.
The average interest rate for 30-year fixed-rate mortgages dipped 11 basis points, to 7.61%. The average rate for one-year adjustable mortgages rose 2 basis points, to 7.48%.