Home loan application volume eked out a seasonally adjusted 2.1 percent week-to-week gain during the holiday-shortened week ending November 27, according to the Mortgage Bankers Association.
On an unadjusted basis, the application index was off 29.3 compared with one week earlier, though clearly Americans were more interested in their turkey and cranberry sauce than applying for a refinance.
Speaking of, the refinance index slipped 1.7 percent compared with the prior week, while purchase activity increased 4.1 percent (that includes the Thanksgiving adjustment).
The unadjusted purchase index plummeted 30.4 percent compared with the previous week and was off 34.9 percent compared to the same period a year ago.
The refinance share of mortgage activity increased to 72.1 percent of total applications from 71.7 percent, thanks to record low mortgage rates.
The 30-year fixed slipped to its lowest point since May 15, falling to 4.79 percent from 4.82 percent a week earlier.
Meanwhile, the 15-year fixed shed five basis points to average 4.27 percent, the lowest the mortgage has ever been since the MBA began tracking back in 1990.
Finally, the one-year adjustable-rate mortgage averaged 6.56 percent, down from 6.66 percent a week earlier, making it quite unattractive compared to fixed-rate options.
That may explain why the ARM-share of applications dropped to 4.8 percent of total activity from 5.3 percent a week prior.
The weekly MBA survey covers more than half of all retail, residential home loan applications, but does not factor out declined/multiple apps.
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