Posted To: MND NewsWire

The volume of mortgage applications dipped slightly during the week ended December 17, the second consecutive decline. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, declined by 0.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was down 1 percent compared with the previous week. The Refinance Index increased 2 percent from the previous week and was 42 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 65.2 percent of total applications from 63.3 percent the previous week. The seasonally adjusted Purchase Index fell 3 percent and was down 6 percent on an unadjusted basis. The volume was 9 percent lower than the same week one year ago. Refi Index…(read more)

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Source: Mortgage News Daily