Although overall applications for home loans diminished in the week that included Thanksgiving, applications for loans to finance home purchases increased. Refinance applications tumbled.

After an adjustment made for the Thanksgiving holiday, the Market Composite Index for the week ended Nov 24 was down more than 3 percent from the preceding week.

The decline was far more steep foregoing seasonal factors, with a more than one-third tumble without seasonal adjustments to the index — a measure of retail residential loan application volume.

Source: Mortgage Daily