Mortgage application activity during the week ended Dec. 13 fell to its lowest level since 2001, according to the Mortgage Bankers Association.

The Market Composite Index, a measure of mortgage loan application volume, decreased 5.5% on a seasonally adjusted basis from one week earlier. The Refinance Index decreased 4% from the previous week, while the seasonally adjusted Purchase Index decreased 6%. The unadjusted Purchase Index was 12% lower than the same week one year ago.

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