Mortgage applications decreased slightly Thanksgiving week, once adjustments are made for the long holiday weekend, according to the Mortgage Bankers Association’s weekly report released Wednesday.
Overall, applications for the week dropped 0.6 percent on an adjusted basis but down 32 percent on an unadjusted basis.
The Refinance Index decreased 5 percent from the previous week and was 102 percent higher than the same week one year ago. Seasonally adjusted purchases increased 9 percent from one week earlier. Unadjusted purchases decreased 28 percent compared with the previous week and was 28 percent higher than the same week one year ago.
The refinance share of mortgage activity decreased to 69.5 percent of total applications from 71.1 percent the previous week. The adjustable-rate mortgage share of activity decreased to 1.8 percent of total applications.
“After adjusting for the Thanksgiving holiday, mortgage applications were mixed, with a jump in purchase applications and a decline in refinances. Purchase activity continued to show impressive year-over-year gains, with both the conventional and government segments of the market posting another week of growth,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting.