A solid week-over-week gain in the volume of applications for purchase financing was just enough to offset a sharp drop in refinance applications. Government share widened.

The home-lending industry’s barometer of mortgage application activity, the seasonally adjusted Market Composite Index, crept up less than a percent in the week ended Nov. 17 from a week prior.

However, when seasonal factors aren’t considered, the volume of retail residential loan applications declined 2 percent compared to the week ended Nov. 10.

Source: Mortgage Daily