MBA: Total Mortgage Application Volume Fell During Last Two Weeks of 2017

Mortgage application volume fell 2.8% on an adjusted basis during the two weeks ended Dec. 29, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for purchases increased 1%, while applications for refinances fell 7%.

The results include adjustments to account for the Christmas holiday, which typically causes a lull in total volume.

The MBA typically combines its final two reports for the year.

 On an unadjusted basis, total volume decreased 42% compared with two weeks earlier.

Applications for purchases decreased 40% on an unadjusted basis but were 3% higher compared with the same week one year earlier.

As of Dec. 29, the refinance share stood at about 52%, according to the report.

The adjustable-rate mortgage (ARM) share stood at approximately 5.3%.

The average rate for a 30-year fixed-rate mortgage was about 4.25%.


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