Mortgage Applications on the Wane

The Mortgage Bankers Association (MBA) released its Weekly Mortgage Applications Survey Wednesday for the week ending December 3, 2010.  The Market Composite Index, a measure of mortgage loan application volume, decreased 0.9 percent on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 22.8 percent compared with the previous week, which included the Thanksgiving Holiday. The Refinance Index decreased 1.4 percent from the previous week. The association says this is the fourth weekly decrease for the Refinance Index, which reached its lowest level since June 2010. The seasonally adjusted Purchase Index increased 1.8 percent from one week earlier. This is the third weekly increase for the Purchase Index, which reached its highest level since early May 2010. The unadjusted Purchase Index increased 21.3 percent compared with the previous week and was 12.0 percent lower than the same week one year ago. MBA says the average contract interest rate for 30-year fixed-rate mortgages increased to 4.66 percent from 4.56 percent.

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