combination of lower rates and a post-holiday business week made mortgage application
activity during the week ended December 3 more than a little uneven. The
Mortgage Bankers Association (MBA) said its Market Composite Index, a measure
of mortgage loan application volume, rose 2.0 percent on a seasonally adjusted
basis from the week ended November 26, continuing the metronomic week-to-week
swings that have been in place since early October. On an unadjusted basis, the
Index increased 45 percent compared with Thanksgiving week. The
Refinance Index increased 9 percent from the previous week and was 37 percent
lower than the same week one year ago. The refinance share of mortgage activity
increased to 63.9 percent of total applications, the highest share since
October 8, from 59.4 percent the previous week.


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