application volume moved lower last week. The Mortgage Bankers Association (MBA)
said its Market Composite Index, a measure of that volume, fell 4.0 percent on
a seasonally adjusted basis during the week ended December 10 and 6 percent
without adjustment. The
Refinance Index declined 6 percent week-over-week and was 41 percent lower than
the same week one year ago. The refinance share of mortgage activity decreased
to 63.3 percent of total applications from 63.9 percent the previous week. The
seasonally adjusted Purchase Index gained 1 percent but was 4 percent lower on
an unadjusted basis than the prior week and 9 percent lower than during the same
week in 2020.



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