US Mortgage Applications Decreased Over 20% in Week of December 25
US mortgage applications decreased over 20% in the week of December 25 according to the latest Weekly Mortgage Applications Survey released by the Mortgage Bankers Association (MBA).
In particular, the seasonally adjusted Market Composite Index, which measures the volume of US mortgage applications, the week ending December 25, 2009, decreased 22.8% from the prior week. Most of the decrease was due to refinance activity which according to the seasonally adjusted Refinance Index it posted a weekly decrease of 30.5%.
However, for the week ending January 1, 2010, the volume of US mortgage applications increased 0.5%. During that week the seasonally adjusted Refinance Index decreased 1.6% and the Purchase Index increased 3.6%.
The results for both weeks’ results include an adjustment to account for the impact of the Christmas and New Year’s Day holidays on US mortgage applications.
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