According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending November 12, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -4% compared with the previous week.
The Refinance Index decreased -5% from the previous week and was -31% lower than the same week one year ago.
The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index decreased -2% compared with the previous week and was -6% lower than the same week one year ago.
In remarks prepared for this week’s survey, Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting said, “Refinance applications decreased for the seventh time in eight weeks, as mortgage rates moved higher after two weeks of declines. Activity has been particularly sensitive to rate movements, and last week’s decline was driven by a drop in conventional and FHA refinance applications, which offset an increase in VA refinance applications. All mortgage rates in MBA’s survey increased, with the 30-year fixed rate climbing to 3.2 percent.”
“Purchase applications increased for both conventional and government loan segments, as housing demand continues to show resiliency at a time — late fall — when home buying activity typically slows,” Kan added. “The second straight increase in purchase applications suggests that stronger sales activity may continue in the weeks to come. Despite elevated demand, purchase applications were 5.7 percent lower than a year ago.”
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Mortgage Applications Decrease in Latest MBA Weekly Survey