The Weekly Mortgage Application Survey of the Mortgage Bankers Association -- with data for the week ending November 2 -- was released November 7.
- The Market Composite Index decreased 5% on a seasonally adjusted basis from one week earlier.
- The Refinance Index also decreased 5% from the previous week. The Refinance Index has declined for five straight weeks and is at its lowest level since the end of August.
- The seasonally adjusted Purchase Index decreased 5% from one week earlier. The unadjusted Purchase Index decreased 7% compared with the previous week and was 3% lower than the same week one year ago.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 3.61% from 3.65%.
The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 3.88% from 3.94%.
The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.37% from 3.41%.
The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 2.95%. .
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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry. Its membership of over 2,200 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field.
For additional information, visit MBA's web site: www.mortgagebankers.org.