Refinance mortgage loan applications dipped 31% year-to-year on the week ending Nov. 12, according to a survey published by the Mortgage Bankers Association (MBA) on Wednesday. The refi volume decreased 5% compared to the previous week.

Meanwhile, applications to purchase a new home declined 6% in one year. However, they were up 2% in comparison to the previous week.

Overall, the Market Composite Index, a measure of the mortgage loan application volume, decreased 2.8% compared to the previous week and 23% year-to-year.  

Joel Kan, associate vice president of economic and industry forecasting at the MBA, said refi applications details ⇒

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