Although overall volume for mortgage applications slowed, weekly activity maintained on applications to finance home purchases.
The seasonally adjusted Market Composite Index for the week ended Nov. 6 declined by more than one percent from the prior week.
Without any seasonal adjustments, new applications
for residential loans slowed by two percent compared to the previous report.
Those were among some of the findings in the Weekly Mortgage Applications Survey from the Mortgage Bankers Association.
The trade group reported that applications for refinances retreated two percent on a seasonally adjusted basis. At 59.8 percent, refinance share was slightly wider than 59.7 percent in the week ended Oct. 30.
Purchase volume moved up less than a percent — though activity fell three percent without seasonal adjustments.
Compared to the same week in 2014, the Purchase Index has strengthened 18 percent without seasonal adjustments.
Applications for mortgages insured by the Federal Housing Administration accounted for 14.1 percent of overall activity. FHA share widened from 13.2 percent in the last report.
Department of Veterans Affairs-guaranteed loans represented 10.9 percent of weekly activity, thinning from 11.9 percent share one week prior.
Adjustable-rate mortgages accounted for 6.6 percent of total loan applications,
slightly less than 6.7 percent in the report seven days earlier.
The spread between jumbo mortgages and conforming loans was a negative eight basis points,
more narrow than a negative 11 BPS a week previous.
