Mortgage Applications Drop in Last Week's Index

The Mortgage Banker Association has a seasonally adjusted index of weekly mortgage activity and the past week showed a drop in applications. The week ending in November 11th showed a decrease in 10 percent of applications for both purchases and refinances. The surveys conducted for this material obtain information from more than 75 percent of the residential mortgage market. The good news is that this is just a weekly synopsis and the week prior had a gain of 10.3% percent showing there is room for adjustment.