Mortgage application volume fell 2.3% on an adjusted basis during the week ended Dec. 8, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
Applications for refinances decreased 3% on higher rates, while applications for purchases decreased 1%.
On an unadjusted basis, total volume fell 4% compared with the previous week. Applications for purchases decreased 6% on an unadjusted basis but were 10% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 52.4% of total applications, its highest level since January, up from 51.6% the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 5.6% of total applications.
The average rate for a 30-year fixed-rate mortgage (FRM) was 4.2%, up from 4.19% the previous week.