A decline in purchase applications pulled overall volume lower during the
week ended December 4. The Mortgage Bankers Association said its Market
Composite Index declined 1.2 percent on a seasonally adjusted basis but was up 40
percent on an unadjusted basis compared to the previous week. The latter
results had included an adjustment to account for the Thanksgiving holiday. The Purchase Index
fell by 5.0 percent after adjustment but rebounded by 29 percent afterward when
compared to the holiday week. It was up 22 percent from the same week in 2019.
The Refinance Index increased 2 percent week-over-week and was 89 percent
higher than a year earlier. The refinance share of mortgage activity increased
to 72.0 percent of total applications from 69.5 percent the previous week.