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Mortgage applications perk up after holiday

Mortgage applications increased after the Thanksgiving holiday week, according to the Mortgage Bankers Association (MBA).

For the week ending Nov. 30, MBA’s adjusted index was up 2 percent, and rose by 42 percent on an unadjusted basis compared to the holiday week, increasing for the second straight week. MBA’s unadjusted refinance index rose 6 percent as rates fell back toward 5 percent. Purchase applications were up by 1 percent on an adjusted basis, and by 36 percent on an unadjusted basis. The purchase index was 0.2 percent higher than a year earlier.

The refinance share of applications increased by 2.5 percentage points to 40.4 percent.

"Treasury rates continued to slide last week, driven mainly by concerns over slowing global economic growth and U.S. and China trade uncertainty," said Joel Kan, MBA’s associate vice president of economic and industry forecasting.  The week’s purchase and refinance activity was also running solidly ahead of the level in the week before the Thanksgiving holiday. Kan also noted that the average loan size for home purchase applications declined to $298,000, the lowest number since December 2017.

“This is perhaps an indication that there are fewer jumbo borrowers, or maybe first-time buyers are having better success reaching the market as we close out the year," Kan said. 


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