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Mortgage applications stumble in weekly survey


Mortgage applications fell steeply ahead of Veterans Day as mortgage rates hit an eight-year high, the Mortgage Bankers Association (MBA) reported.

MBA’s composite index decreased by 3.2 percent in the week ending Nov. 9, the trade group said. The refinance index fell by 4.3 percent over the previous week to its lowest level since December 2000, whereas the adjusted purchase index was down by 2.3 percent to an 18-month low.  

The refinance share of applications increased 0.3 percentage points to 39.4 percent.  

“Recent volatility in the financial markets and increasing rates continue to adversely impact mortgage application activity, even as the general economic outlook remains positive," said Joel Kan, MBA associate vice president of economic and industry forecasting. "Both home purchase and mortgage refinance applications decreased over the week, driven largely by declines in conventional applications.”

The conforming 30-year fixed rate increased two basis points to 5.17 percent, the highest level since 2010, with points increasing to 0.55 from 0.51, MBA reported. 


 

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