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%.

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