Mortgage applications held largely steady again, with a decrease of 0.3 percent for the week ending November 13, according to a report released Wednesday by the Mortgage Bankers Association.
Purchase applications dipped 1 percent for the week but were 26 percent higher than a year ago, while refinance applications fell 2 percent for the week and were 98 percent higher than a year ago.
“The refinance index decreased last week – driven by sharp declines in FHA and VA applications – but remained a robust 98 percent above a year ago. The average refinance loan balance of $291,000 last week was the lowest since January. Many borrowers with higher loan balances may have acted earlier on in the current refinance wave,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.
The refinance share of mortgage activity decreased to 69.8 percent of total applications from 70.0 percent the previous week. The adjustable-rate mortgage share of activity decreased to 1.9 percent of total applications.