By MarketWatch
The average number of mortgage applications fell 12.8% on a seasonally adjusted basis as interest rates generally rose from the previous week, the Mortgage Bankers Association said Wednesday.
The latest week's results included an adjustment for the Thanksgiving holiday, said MBA.
On an unadjusted basis, MBA said the market composite index dropped 40% from the prior week. The refinance index decreased 18%, while the seasonally adjusted purchase index fell 4%.
Interest rates generally rose during the summer months, which eased demand for new-home purchases and refinancing. Recently, though, MBA has reported mixed interest-rate trends.
The average rate on 30-year fixed-rate mortgages with conforming loans balances rose to 4.51% from 4.48% in the prior week. Rates on 30-year fixed-rate mortgages with jumbo-loan balances edged up to 4.49% from 4.48%.
The average rate on 30-year fixed-rate mortgages backed by the Federal Housing Administration edged up to 4.17% from 4.16% a week earlier.
The average rate for 15-year fixed-rate mortgages increased to 3.56% from 3.52%. The 5/1 ARM average decreased to 3.09% from 3.18%.
Write to Anna Prior at anna.prior@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
