Mortgage Purchase Applications And Refinancing Fall

Purchase applications for home mortgages fell a seasonally adjusted 5 percent in the November 2 week, putting the unadjusted purchase index 0.2 percent below its reading in the comparable week last year and at the lowest level since November 2016. Applications for refinancing were down 3 percent from the prior week, with the refinance share of mortgage of activity decreasing to 39.1 percent. The average interest rate on 30-year fixed rate conforming mortgages ($453,100 or less) rose 4 basis points from the prior week to 5.15 percent, the highest rate since April 2010. Housing inventory shortages and the highest rates in nearly 9 years are putting a damper on purchase applications and a housing market that continues to soften.