Highlights
The Mortgage Bankers Association's purchase index slipped 2.0 percent in the Nov. 16 week to 424.1, a level that is right at the four-week average of 420.6 to indicate no improvement for housing demand. The refinance index fell back 5.0 percent but is still at a firm level of 2,199.9 as refinancings are making up a sizable 50.3 percent of all mortgage applications. The high proportion of refinancing reflects favorable mortgage rates with 30-year fixed loans down 1 basis point in the week at 6.18 percent, 15-year fixed loans down 6 basis points at 5.71 percent, and 1-year adjustables unchanged at 5.98.