For the fifth consecutive week, mortgage applications slipped, reaching the lowest level since early September, the Mortgage Bankers Association reports.
Most of the drop in loan demand has been attributed to a big decrease in refinancing applications.
The MBA’s index -- which reflects both refinancing and home purchase demand -- fell 12.8 percent for the week ending Nov. 29. The MBA adjusts for the Thanksgiving holiday. Broken out, refinancing applications fell 17.5 percent last week and applications for home purchases dropped 4.1 percent.
Meanwhile, the 30-year fixed-rate mortgage increased 3 basis points last week to average 4.51 percent, the MBA reports. The MBA’s survey covers more than 75 percent of residential mortgage applications.
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