While the nation was getting ready in advance of this week’s Thanksgiving holiday, mortgage application activity managed to record a very slight rise.
According to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey
for the week ending Nov. 17, the Market Composite Index squeaked out a scant 0.1 percent uptick on a seasonally adjusted basis but dipped by two percent compared with the previous week
. The seasonally adjusted Purchase Index was up by five percent from one week earlier and the unadjusted Purchase Index increased by one percent compared with the previous week and was up by four percent from the same week one year ago.
However, the Refinance Index dropped by five percent from the previous week while the refinance share of mortgage activity decreased to 49.9 percent of total applications from 51.3 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 10.6 percent from 10.2 percent the week prior and the VA share of total applications increased to 10.7 percent from 10.1 percent, while the USDA share of total applications remained unchanged from the week prior at 0.7 percent.