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Mortgage applications fall during holiday


Mortgage applications were down during the Christmas holiday week, the Mortgage Bankers Association (MBA) reported.

For the week ending Dec. 28, MBA’s adjusted applications index declined by 9.8 percent compared to two weeks earlier.  Without adjusting for the holiday, applications were down 46 percent compared to two weeks ago.

The refinance index declined by 12 percent compared to two weeks ago. The seasonally adjusted purchase index fell by 8 percent from two weeks ago. Unadjusted, the purchase index was down 46 percent compared to two weeks earlier and 6 percent lower than the same week a year ago.

The drop came despite a dip in the 30-year fixed rate to 4.84 percent, lowest since September.  

 “Even with lower borrowing costs, both purchase and refinance applications decreased over the two-week holiday period, as both conventional and government applications dropped,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting.

“Part of the decline in mortgage applications was possibly because of the government shutdown, as concerns over delays in FHA application processing times likely contributed to the weakness in activity," Kan added.

The refinance share of mortgage activity decreased by 0.9 percent to 42.7 percent of total applications from the previous week, MBA said.


 

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