Mortgage applications declined 1.1% on a seasonally adjusted basis for the week ending Dec. 11 compared to
The MBA's Market Composite Index, which measures mortgage loan application volume, decreased 2% on an unadjusted basis from last week.
Refinance application volume was up 1% from the previous week. Purchase apps were down 3% on a seasonally adjusted basis and 7% on an unadjusted basis. For the same week last year on an unadjusted basis, purchase apps were 34% higher.
Refinancings as a share of all mortgage activity rose to 60.7% of total applications from 58.7%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 4.14%. The 30-year jumbo ($417,000 or greater) fixed-rate mortgage dropped one basis point to 4.01%.
