Mortgage applications plunged 11.7 percent from the week before, according to the Mortgage Bankers Association (MBA).

The trade group drew up the findings in a Weekly Mortgage Applications Survey that accounted for seasonal changes expected from the Thanksgiving Day holiday.

The survey’s Market Composite Index reported a seasonally unadjusted squeeze in mortgage loans by 39 percent, with the Refinance Index also seeing declines by 15.3 percent from the week before.

The Purchase Index fell on a seasonally adjusted basis by 0.8 percent and on an unadjusted basis by 33.7 percent, about 18.2 percent lower than figures seen over the same week in 2010, according to the MBA.

Sources with the trade group were not immediately

available to comment for the story.

The four-week moving average fell by 3.29 percent on a seasonally adjusted basis and increased by 2.37 percent on a seasonally adjusted basis, according to the Purchase Index.

Numbers for the Refinance Index meanwhile fell 4.92 percent from the week before. For all applications, the refinance share of mortgage activity fell from 75.9 percent to 73.9 percent from the week before and remains at low levels not seen since July this year.

Activity encompassing adjustable-rate mortgages (ARMs) climbed by one percentage point to hit 5.8 percent of total applications from the week before.

Investor applications for home purchases underwent a marginal increase from September, according to the MBA, with New England leading the way. Purchase loan applications for second homes fell from 5.8 percent to 5.6 percent over September.

Contract interest rates for fixed-rate mortgages declined on the whole, with those for 30-year loans falling from 4.23 percent to 4.21 percent.

Thirty-year fixed-rate mortgages backed by the Federal Housing Administration hit 4 percent, a new low since January this year.

The MBA found 15-year fixed-rate mortgages remaining the same from the week before and rates for 5-year and 1-year ARMs declining from 3 percent to 2.98 percent last week.