Mortgage applications decreased 2.9% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Jan. 27.
The MBA's market composite index fell 2.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 9% compared with the previous week.Â
The refinance index decreased 3.6% from the previous week. The seasonally adjusted purchase index decreased 1.7% from one week earlier, while the unadjusted purchase index increased 17.1% compared with the previous week; it was 4.3% lower than the same week one year ago.
The refinance share of mortgage activity decreased to 80% of total applications from 81.3% the previous week. The adjustable-rate mortgage share of activity increased to 5.6% from 5.3 % of total applications from the previous week.
In December 2011, Connecticut had the largest increase in refinance applications, increasing by 80.1% from November. Maine saw a 30.8% increase in applications for home purchase, which was the largest state increase in applications for home purchase. Only 12 states had a decrease in home purchase activity in December, while every state saw an increase in refinance volume.