With applications for loans to finance a home purchase leading the way, weekly mortgage application activity moved lower. Refinance share, though, was the widest it’s been in a year.

New mortgage application volume receded by 5 percent from one week earlier, according to the seasonally adjusted Market Composite Index for the week ended Dec. 15.

When seasonal factors are disregarded, the index, a measure of retail residential loan application activity, tumbled 6 percent from the week ended Dec. 8.

Source: Mortgage Daily