Seasonally Adjusted Apps Mostly Stable, Unadjusted Ones Are Up

Nonconforming

Seasonally-adjusted loan application numbers show little week-to-week change with a slight uptick in refinancing, but unadjusted numbers show purchases gaining.

Refi share on a percentage basis has risen to 66% from 64% the previous week in the Mortgage Bankers Associations most recent app survey.

However, the unadjusted Purchase Index increased 6% compared with the previous week and was 35% higher than the same week one year ago.

Overall apps are up 9% on an unadjusted basis, but on a seasonally-adjusted basis are down marginally.

This suggests that while raw numbers show apps overall and purchases were higher during the week ending Nov. 22, the increases fail to match those typically seen at this time of year. Overall apps and purchases were down slightly on that basis.

Thirty-year mortgages within the conforming loan limit of $417,000 and with 80% loan-to-value ratios as well as jumbo loans with higher balances saw slight increases in rates and decreases in points. These added up to a net drop in effective rate.

There was a net increase in effective rate for 30-year Federal Housing Administration loans. Rates for these loans rose and their average points dropped.

Fifteen-year loans average rate remained stable and their points dropped, lowering their effective rate.

Hybrid 5/1 adjustable-rate mortgages saw their average rate increase and their points remain unchanged.

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