For the week ending Nov. 25, mortgage application activity plunged 11.7%, as reported by the Mortgage Bankers Association (MBA). The results were adjusted for the Thanksgiving Day holiday.
The Refinance Index dropped 15.3% to 2834.5, which is the lowest level since July when 30-year fixed mortgage rates were in the 4.50% area. As a percent of total application activity, refinancing share decreased to 73.9% from 75.9%, and is also at its lowest level since July. Meanwhile, the Purchase Index slipped 0.8% to 192.1.