The volume of
mortgage applications dipped slightly during the week ended December 17, the
second consecutive decline. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of that volume, declined by 0.6 percent on a
seasonally adjusted basis from one week earlier. On an unadjusted basis, the
Index was down 1 percent compared with the previous week. The Refinance Index
increased 2 percent from the previous week and was 42 percent lower than the
same week one year ago. The refinance share of mortgage activity increased to
65.2 percent of total applications from 63.3 percent the previous week. The seasonally
adjusted Purchase Index fell 3 percent and was down 6 percent on an unadjusted
basis. The volume was 9 percent lower than the same week one year ago.


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