By Jann Swanson | Mortgage News Daily
Either eating turkey, Black Friday bargain hunting, or maybe both appear to have diverted many Americans from pursuing a mortgage last week. Applications for mortgages plummeted during the week ended November 28, a week that was shortened by the Thanksgiving Day holiday. Seasonally adjusted applications data from the Mortgage Bankers Association’s (MBA’s) Weekly Mortgage Application Survey also contain an adjustment to account for the holiday.
MBA said that its Market Composite Index, a measure of loan application volume, was down 7.3 percent on a seasonally adjusted basis from a week earlier. Unadjusted the Composite was down 37 percent, the largest drop since the first full week of 2014.
