Mortgage Application Volume Finished Year at 26-Year Low
The end-of-year holiday season took its usual toll on mortgage applications. The Mortgage Brokers Association (MBA) report this morning recapped the past two weeks of activity (the MBA was closed during Christmas Week) during which its Market Composite Index, a measure of mortgage application volume, decreased 13.2 percent on a seasonally adjusted basis. On an unadjusted basis, the Index fell 39.4 percent over the period that ended on December 30.
The holiday-adjusted Refinance Index decreased 16.3 percent from two weeks earlier and was 87 percent lower than the same week one year ago. Refinancing accounted for 30.3 percent of application activity over the period compared to 31.1 percent in the previous report. [refiappschart]
The seasonally adjusted Purchase Index fell 12.2 pe
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