Mortgage Applications Decrease

real estate signMortgage applications decreased 1.0 percent from one week earlier, according to data from the Mortgage Bankers Association. The Market Composite Index, a measure of mortgage loan application volume, decreased 1.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was essentially unchanged compared with the previous week. The Refinance Index increased 0.8 percent from the previous week to its highest level since August 8, 2011. The seasonally adjusted Purchase Index decreased 8.4 percent from one week earlier. The unadjusted Purchase Index decreased 3.3 percent compared with the previous week and was 7.6 percent lower than the same week one year ago. The average loan size in the United States in January 2012 was $226,000. Average loan size has been increasing in recent months, up from $225,000 in December 2011 and up from $207,000 in January 2011.

(Image Credit: Eric Miller)

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