(Inman News Features) - The market composite index of mortgage loan applications, a measure of loan purchases and refinances, decreased 17.6 percent for the week ended Nov. 30 to 745.5 on a seasonally adjusted basis from 905.1 the previous week, according to the Mortgage Bankers Association of America?s weekly survey released today. The seasonally adjusted Purchase Index increased to 350.9 from 324.3 the previous week. The seasonally adjusted Refinance Index decreased to 3040.7 from 4283.6.
Refinancing activity represented 64.8 percent of total applications, decreasing from 72.9 percent the previous week.
ARM activity increased to 11.1 percent from 9.6 percent a week ago.
The average contract interest rate for 30-year, fixed-rate mortgages was 6.83 percent, decreasing from 6.98 percent the previous week. Points on these mortgages, including the origination fee, decreased to 1.14 from 1.28 for 80 percent loan-to-value (LTV) ratio loans.
The average contract interest rate for 15-year fixed rate mortgages was 6.21 percent, decreasing from 6.48 percent the previous week. Points on these mortgages, including the origination fee, increased to 1.29 from 1.2 the previous week for 80 percent LTV ratio loans.
The average contract interest rate for 1-year ARMs was 5.48 percent, decreasing from 5.60 percent. Points, including the origination fee, on these mortgages increased to 1.09 from 1 for 80 percent LTV loans.
The survey covers approximately 40 percent of all U.S. retail residential mortgage originations and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts.