Mortgage Applications and Rates Down – NMP
Industry News

Mortgage Applications and Rates Down

Nov 21, 2018
September’s pending home sales data marked a second consecutive month of increases

There was relative scant movement with mortgage application activity for the week ending Nov. 16, according to new data from the Mortgage Bankers Association (MBA).
 
The Market Composite Index slid by 0.1 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index took a three percent downturn. The seasonally adjusted Purchase Index increased three percent from one week earlier but the unadjusted index was one percent lower from the previous week and was five percent lower than the same week one year ago. The Refinance Index fell by five percent from the previous week to its lowest level since December 2000 as the refinance share of mortgage activity decreased to 38.5 percent of total applications from 39.4 percent the previous week.
 
Among the federal programs, the FHA share of total applications increased to 10.7 percent from 10.6 percent the week prior and the VA share of total applications increased to 10.6 percent from 10.1 percent, while the USDA share of total applications remained unchanged at 0.7 percent.
 
Separately, Freddie Mac released the results of its Primary Mortgage Market Survey (PMMS) one day early—the usual Thursday data report coincided with Thanksgiving, hence the switch.
 
The survey found the 30-year fixed-rate mortgage (FRM) averaged 4.81 percent for the week ending Nov. 21, down from last week when it averaged 4.94. The 15-year FRM this week averaged 4.24 percent, down from last week when it averaged 4.36 percent. And the five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.09 percent, down from last week when it averaged 4.14 percent.
 
“The downward spiral in oil prices and a volatile equities market caused mortgage rates to decline 13 basis points to 4.81 percent, the largest weekly drop since January 2015,” said Sam Khater, Freddie Mac’s Chief Economist. “Mortgage rates are the lowest since early October and the dip offers a window of opportunity for would be buyers that have been on the fence waiting for a drop in mortgage rates.”
The survey found the 30-year fixed-rate mortgage (FRM) averaged 4.81 percent for the week ending Nov. 21
 
About the author
Phil Hall
Link copied
Published
Nov 21, 2018
Get the NMP Daily
Wholesale
UWM Ties $603 Million Hedge Loss To Failed Two Harbors Bid

The wholesale lender is raising $2.05 billion and suspending its dividend after the transaction contributed to a sharp quarterly loss and exposed balance-sheet pressure

United Wholesale Mortgage Chairman and CEO Mat Ishbia attributed a $603.2 million derivatives loss in the second quarter to an unusually large hedge established around UWM’s failed pursuit of Two Harbors Investment Corp., calling it a transaction-specific mistake that the co...

Continue reading
Opinion
The Real AI Deadline Isn’t August 6: What Mortgage Executives Should Be Preparing For Next

August 6 was an important contractual checkpoint. The more consequential deadline is the day a GSE, regulator, investor, warehouse lender, or plaintiff asks the institution to produce evidence that its AI governance actually worked

Across the mortgage industry, August 6, 2026, has been treated as the artificial-intelligence governance deadline. Now that the date has arrived, the harder question is what an institution must be prepared to prove on August 7 and every day thereafter.Fannie Mae’s governance...

Continue reading
Renew your NMLS License — for free.

Enjoy access to a free NMLS renewal class when you attend an in-person event.

Find an event
More from
Industry News
The Fed Held. The Mortgage Market Got A Warning.

Three policymakers favored an immediate hike, while Warsh welcomed higher bond yields and offered no clear path toward mortgage-rate relief

Industry News
Jul 30, 2026
New Study Finds UWM's 'All-In' Triggered Industrywide Pricing Spillovers

Research shows wholesale competitors responded to the 2021 Rocket ban by lowering mortgage rates,

Industry News
Jul 15, 2026
First Major Housing Reform In Decades Becomes Law Without Trump's Signature

Bipartisan ROAD to Housing Act advances supply, construction, and mortgage reforms despite White House protest

Industry News
Jul 10, 2026
Mortgage Star Conference Honors Women Shaping The Future Of Mortgage Leadership

MWLC honors leaders driving innovation, mentorship, and growth across the mortgage industry

Industry News
Jul 09, 2026
June Jobs Report Improves Mortgage Rate Outlook

Slower hiring strengthens bonds and eases concerns over additional Fed tightening

Industry News
Jul 02, 2026
NEXA Founder Mike Kortas Launches evoLend To Help Originators Retain Borrowers

New Fannie Mae-, Freddie Mac- and Ginnie Mae-approved mortgage servicer aims to keep originators connected to borrowers through servicing data, payoff visibility and retention tools

Industry News
Jul 02, 2026