Mortgage applications dropped 0.9% in the week ended November 23, as refinances fell 2% and purchases were up 3%, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.
The results include an adjustment for Thanksgiving.
Refinances continued to account for 81% of applications, while adjustable-rate mortgages slipped to 4% of the market.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) dipped to 3.53% from 3.54%, while the average 15-year fixed-rate mortgage held at 2.89%.
