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MBA: Mortgage applications down 4%

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MBA: Mortgage applications down 4%

Mortgage applications decreased 4% from a week ago on a seasonally adjusted basis for the week ended Dec. 9, the Mortgage Bankers Association reported.

The market composite index, which measures mortgage application volume, decreased 5% on an unadjusted basis compared to the previous week.

The seasonally adjusted purchase index decreased 3% week over week. The unadjusted purchase index dropped 7% compared to the previous week and was 2% higher than the year-ago level for the same week.

The refinance index decreased 4% from the previous week.

The refinance share of mortgage activity increased to 57.2% of total application volume from 56.2% in the previous week. Adjustable-rate mortgage activity comprised 6.2% of total applications, reflecting an increase from the previous week.