Even though a decline was recorded for weekly mortgage applications, the share that were for refinances was the widest it’s been in nearly a year. Jumbo rates suggest investors seek more jumbo product.
In the seven days that finished on Dec. 8, the Market Composite Index retreated by a more than a seasonally adjusted 2 percent from the preceding week.
The week-over-week decline for the index, a measure of retail residential loan application volume, was greater at 4 percent without any seasonal adjustments.
Source: Mortgage Daily