Even after accounting for seasonal factors, fewer prospective borrowers applied for a mortgage in the final week of last year. Applications for loans to finance a home purchase fared better than refinances.

During the seven days that ended on Dec. 29, the Market Composite Index declined 3 percent from two weeks earlier on a seasonally adjusted basis.

Without seasonal adjustments, the index, a measure of retail residential loan application volume, plummeted 42 percent from the week ended Dec. 15.

Source: Mortgage Daily