New applications for residential loans took a turn for the worse during the holidays, though purchase-money activity mostly held up compared to a year previous.

The seasonally adjusted Market Composite Index for the week ended Dec. 30, 2016, moved down 12 percent from two weeks earlier, the last time it was reported.

Foregoing any adjustments for seasonal factors, the index — which is a measure of mortgage loan application volume — plummeted 48 percent from the last report.

Source: Mortgage Daily