Purchase Loan Demand Up Despite Holiday Week

According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index rose 3.0 percent last week after an adjustment for the Thanksgiving holiday. Despite the increase, the Market Composite Index, which measures both refinance and purchase loan volume, was relatively flat, falling 0.9 percent due to a 2.0 percent drop in the Refinance Index. Average mortgage rates were virtually unchanged. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.53 percent from 3.54 percent the week before. The refinance share of total mortgage activity also held steady from the previous week at 81 percent of total applications. More here and here.

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