Mortgage application volume declined once again for the week ending November 15, the ""Mortgage Bankers Association"":http://mba.org/default.htm (MBA) reported in its Weekly Mortgage Applications Survey.
[IMAGE] [COLUMN_BREAK]The survey's Market Composite Index declined 2.3 percent on a seasonally adjusted basis; unadjusted, the index fell 13 percent week-over-week. The week's results include an adjustment to account for the Veteran's Day holiday.
Refinance volume decreased 7 percent compared to the previous week. The refinance share of total mortgage activity dropped to 64 percent from 66 percent.
Adjusted, the Purchase Index climbed 6 percent from the week prior. On an unadjusted basis, purchase volume was down 8 percent week-over-week and ended up 3 percent lower than the same week last year.
MBA's measure of interest rate averages was mixed. The average contract interest rate for a 30-year fixed-rate mortgage increased slightly to 4.46 percent following the release of October's strong jobs report; however, points fell to 0.38 from 0.44 (including the origination fee), bringing the effective rate down from the previous week.