Total mortgage application volume fell 4.9% on an adjusted basis during the week ended Dec. 15, with applications for refinances dropping 3% and applications for purchases plummeting 6% compared with the previous week, according the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.
On an unadjusted basis, total volume decreased 6% compared with the previous week. Applications for purchases decreased 9% on an unadjusted basis but increased 1% compared with the same week one year earlier.
The refinance share of mortgage activity increased to 53.9% of total applications – its highest level since December 2016 – up from 52.4% the previous week.
The adjustable-rate mortgage (ARM) share of activity remained unchanged at 5.6% of total applications.
Rates decreased slightly, with the average rate for a 30-year fixed-rate mortgage at 4.16%, down from 4.20% the previous week.
The average rate for a 5/1 adjustable rate mortgage was 3.49%, up from 3.42%.