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US weekly mortgage applications decline by 4.9%

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US weekly mortgage applications decline by 4.9%

U.S. mortgage applications declined by 4.9% on a seasonally adjusted basis in the week ended Dec. 15 from the previous week, when they were also down as a result of higher mortgage rates, the Mortgage Bankers Association said in its weekly survey.

On an unadjusted basis, the market composite index, a measure of mortgage loan application volume, dropped by 6% compared with the previous week.

The seasonally adjusted purchase index fell 6% from the prior week while the unadjusted index declined by 9%. The refinance index was down 3% from a week ago.

The refinance share of mortgage activity rose to 53.9% of total applications, its highest level since December of last year, from 52.4% the previous week, the MBA weekly survey said.