Mortgage applications continue to decrease
Dec 2 2011 11:01AM
Applications for home mortgages fell this past week, as the need for refinancing loans decreased. The Mortgage Bankers Association reports that the Weekly Mortgage Applications Survey for the week ending November 25 decreased 11.7 percent from the previous week.
The drop parallels a 15.3 percent decrease in the refinancing index, and the seasonally adjusted purchase index also saw a slight fall of 0.8 percent from the prior week.
Refinancing activity fell in the last week and now makes up 73.9 percent of all loan applications, down from 75.9 percent the week prior. The adjustable-rate mortgage share of activity saw a slight increase from 5.7 percent of total applications reported last week to 5.8 percent.
The index also reports the average rate for fixed 30-year mortgage rates fell to 4.21 percent, down from 4.23 percent from the previous week. The average interest rate for fixed 15-year mortgage rates remained the same at 3.58 percent.
