Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) says mortgage application volume slowed significantly last week as Americans prepared for several major holidays. Its Market Composite Index, a measure of mortgage loan application volume, was down on a seasonally adjusted basis during the week ended December 20 by 5.3 percent compared to the previous week and was 6.0 percent lower on a non-adjusted basis. Purchase and refinance applications contributed about equally to the decline with the Refinance Index and the seasonally adjusted Purchase Index each falling 5.0 percent from the prior week and the non-adjusted Purchase Index off by 7.0 percent. Still, activity remained elevated compared to a year earlier with refinance activity up 128 percent and the non-adjusted Purchase Index maintaining a 5.0 percent…(read more)

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Source: Mortgage News Daily