Application Volume Falls in Mid-November

Mortgage application volume continues to seesaw week to week throughout November-this time falling, according to data from the ""Mortgage Bankers Association's"":http://www.mbaa.org/default.htm (MBA) Weekly Mortgage Applications Survey.

[IMAGE] [COLUMN_BREAK]

The Market Composite Index fell 2.2 percent on a seasonally adjusted basis for the week ending November 16. On an unadjusted basis, the index dropped a full 13 percent.

The Refinance Index also decreased, falling 3 percent from the week before. Though volume decreased, the refinance share of mortgage activity remained unchanged at 81 percent.

Meanwhile, purchase applications increased, at least on an adjusted basis. The seasonally adjusted Purchase Index inched up 3 percent from one week earlier. The unadjusted index decreased 11 percent compared to the previous week.

The week's results include an adjustment to account for the Veteran's Day holiday.

The decrease in application volume was accompanied by a slight increase in mortgage interest rates. The average 30-year fixed rate was 3.54 percent, up slightly from 3.52 percent the week before, according to MBA's data.