During the week after Thanksgiving, mortgage application volume rose 22.5 percent on a seasonally adjusted basis to 791.8, recovering significantly from a holiday slowdown.
On an unadjusted basis, applications rose 51.5 percent and were up 24.2 percent from the same week in 2006.
The Refinance Index increased 31.9 percent to 2761.3 from 2093.0 the previous week. The refinance share of mortgage activity increased to 56.0 percent of total applications from 51.4 percent the previous week.
These numbers reflect a correction made to the Thanksgiving Week numbers released by the association. The previously reported numbers were too high, making the Thanksgiving week fall off more dramatic than was reported last week.
This week’s rising numbers appear to be at least partially in response to falling interest rates.
- 30-year fixed-rate mortgages decreased to 5.82 percent from 6.09 percent
- 15-year fixed-rate mortgages decreased to 5.38 percent from 5.69 percent
- 1-year ARMs increased to 6.28 percent from 6.24 percent
Source: Mortgage Bankers Association (12/05/2007)