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Mortgage applications fall in latest survey

Mortgage applications declined for the first time in a month despite lower rates, the Mortgage Bankers Association (MBA) reported.

MBA’s adjusted composite index was down 5.8 percent for the week ending Dec. 14. The refinance index fell 2 percent compared to the prior week, MBA said. The adjusted purchase index declined 7 percent over the week.

"Despite mortgage rates falling across the board last week to their lowest levels in three months, mortgage applications also declined, as more potential borrowers likely stayed away because of ongoing financial market volatility and economic uncertainty," said Joel Kan, MBA associate vice president of economic and industry forecasting. Kan said the week saw a larger decline in government-backed loan refinances than conventional refinances.

The refinance share of applications, however, increased by 2.4 percentage points to 43.5 percent. 


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