Mortgage Applications Drop in Weekly Survey

mortgage bankers association logoThe Mortgage Bankers Association reported Wednesday that Mortgage applications decreased 2.6 percent from one week earlier in its Weekly Mortgage Applications Survey for the week ending December 16. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.8 percent compared with the previous week. The Refinance Index decreased 1.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 4.9 percent from one week earlier. The unadjusted Purchase Index decreased 7.5 percent compared with the previous week and was 6.9 percent lower than the same week one year ago. “Continued anxiety surrounding the fragile economic situation in Europe led interest rates lower last week. However, refinance applications fell slightly, and purchase applications dropped further as we head into the end of the year,” says Michael Fratantoni, MBA’s Vice President of Research and Economics. “Remarkably low rates are not enough, as many homeowners continue to hold back due to lack of equity in their properties, poor credit and a weak job market.”

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