Posted To: MND NewsWire

The combination of lower rates and a post-holiday business week made mortgage application activity during the week ended December 3 more than a little uneven. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, rose 2.0 percent on a seasonally adjusted basis from the week ended November 26, continuing the metronomic week-to-week swings that have been in place since early October. On an unadjusted basis, the Index increased 45 percent compared with Thanksgiving week. The Refinance Index increased 9 percent from the previous week and was 37 percent lower than the same week one year ago. The refinance share of mortgage activity increased to 63.9 percent of total applications, the highest share since October 8, from 59.4 percent…(read more)

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Source: Mortgage News Daily