Mortgage application activity was little changed overall in the holiday-shortened week ending Nov. 23. The Mortgage Bankers Association (MBA) reported its Refinance Index fell 1.5% to 4576, while the Purchase Index rose 2.6% to 206. Overall, activity slipped just 0.9%. The data was adjusted for the Thanksgiving Day holiday.
Some strengthening is likely in the next report as mortgage rates hold near record territory. According to the MBA's survey, the contract interest rate for 30-year fixed rate conforming loans averaged 3.53%, down one basis point from the prior week and just a basis point above its historic low. 30-year Federal Housing Administration rates were unchanged at 3.36%.