Mortgage Applications Slide Down 7.6 Percent Last Week

According to the Mortgage Bankers Association’s weekly application survey new mortgage applications were down 7.6 percent during the week ending December 21st.

Refinance volume fell 8.5%during the week, while purchase volume dropped 6.6%. Refinance applications accounted for 53% of total mortgage applications during the week ending Dec. 21. This drop is despite low interest rates and previous mortgage application rises.

An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 603.8 means mortgage application activity is 6.038 times higher than it was when the MBA began tracking the data. The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all residential retail mortgage originations each week.

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