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Mortgage Applications Flat After Taking Holiday Adjustment

Wednesday, December 2, 2015

Mortgage applications during the week ended November 27 were generally higher on an adjusted basis and much lower on an unadjusted basis due to the effects of and an adjustment for the shortened Thanksgiving Day week.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of loan application volume dipped by 0.2 percent on a seasonally adjusted basis from the volume a week earlier but on an unadjusted basis suffered a 32 percent free-fall.

The Refinance Index, which is not seasonally adjusted, decreased 6 percent from the previous week and the refinancing share of total applications dropped to 56.6 percent from 58.7 percent during the week ended November 20.  The seasonally adjusted Purchase Index rose 8 percent while the unadjusted Purchase Index decreased 28 percent.  The unadjusted Purchase Index was 30 percent higher than during the same week in 2014.

 

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