<\/p>\n
The demand for a home loan continues to take an up and down path as applications decreased 1.4% for the week ending Nov. 28, according to the Mortgage Bankers Association. This is down from the week prior when it saw applications increase 0.2%. The total is also adjusted for the Thanksgiving holiday.<\/p>\n
Mortgage Applications Today Home<\/strong> helps improve planning, consistency, and publishing quality when teams follow a repeatable workflow.<\/p>\n The Market Composite Index, a measure of mortgage loan application volume, decreased 1.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 33% compared with the previous week. <\/p>\n The Refinance Index decreased 4% from the previous week, but was 109% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index decreased 32% compared with the previous week and was 17% higher than the same week one year ago.<\/p>\n The decrease in new home loan applications and refinancing comes as mortgage interest rates for a 30-year fixed home loan edged down to 6.23% for the week ending Nov. 26, according to Freddie Mac.<\/p>\n The Federal Housing Adminstration (FHA) share of total applications decreased to 18.3% from 18.8% the week prior. The Veterans Affairs loans share of total applications decreased to 15% from 15.4% the week prior. The USDA share of total applications decreased to 0.3% from 0.4% the week prior.<\/p>\n “Mortgage rates moved lower in line with Treasury yields, which declined on data showing a weaker labor market and declining consumer confidence. The 30-year fixed mortgage rate declined to 6.32 percent after steadily increasing over the past month,\u201d said Joel Ka<\/strong>n, MBA\u2019s vice president and deputy chief economist.<\/p>\n \u201cAfter adjusting for the impact of the Thanksgiving holiday, refinance activity decreased across both conventional and government loans, as borrowers held out for lower rates.”<\/p>\n