Mortgage application filings for the week ending Nov. 16 declined 2.2%, the Mortgage Bankers Association said Wednesday.
The refinance index fell 3% from the previous week while the purchase index on a seasonally-adjusted basis increased 3% from a week earlier.
Overall, refinancing activity continued to make up 81% of all loan applications, unchanged from the previous week. Adjustable-rate mortgages grew in popularity, now representing 4% of all loan applications.
The average contract rate on a 30-year, fixed-rate mortgage with a conforming loan limit increased to 3.54% from 3.52%.
The average interest rate for a 30-year FRM with a jumbo loan balance declined to 3.76% from 3.83%.
In addition, the 30-year FRM backed by the FHA increased to 3.36% from 3.34%.
Meanwhile, the average contract interest rate for the 15-year, FRM grew to 2.89% from 2.88%. The average interest rate for a 5/1 ARM grew to 2.62% from 2.60%.
kpanchuk@housingwire.com
