The Mortgage Bankers Association reported that applications dropped 0.6% during the week of Thanksgiving. The mortgage refinance index decreased also, dropping 5% from the previous week but was still up 102% over the last year. The refinance share of mortgage activity decreased to 69.5% of total application volume from 71.1% the previous week. Purchase activity continued to show impressive year-over-year gains according the the MBA’s associate vice president of industry and economic forecasting.
