December 2, 2010
Mortgage Application Volume Falls
By Matthew L. Brown
Home loan application volume fell 16.5 percent last week while applications to refinance decreased nearly 22 percent, according to the Mortgage Bankers Association.
And those numbers are adjusted to account for the Thanksgiving holiday. Without the adjustment, application volume was down 34.2 percent.
Applications to purchase were up 1.1 percent, their highest level since May.
Refinance application volume decreased 21.6 percent. Still, applications to refinance made up nearly 75 percent of all mortgage application volume.
The average contract interest rate for a 30-year, fixed-rate mortgage was 4.56 compared to 4.5 the prior week.
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