The Real Deal Miami

Mortgage apps decrease 11 percent: MBA

December 23, 2009 10:50AM

The number of mortgage applications has dropped more than 10 percent, according to the most recent survey from the Mortgage Bankers Association. For the week ending Dec. 18, the number of loans decreased 10.7 percent based on a seasonally adjusted basis compared to the week prior. The refinance and purchase indexes also saw declines, with the former dropping 10.1 percent and the latter decreasing 11.6 percent, compared to the week before. Meanwhile, compared to a week earlier, the share of refinanced mortgages increased to 75.9 percent from 75.2 percent and the percentage of adjustable-rate mortgages decreased to 3.8 percent from 4.1 percent. TRD