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%.