General World News

Mortgage apps fall as higher-end market takes off

Mortgage applications fell 0.6% for the week ending Dec. 17, with fewer borrowers looking for purchases in the lower end of the market, according to the Mortgage Bankers Association (MBA) survey published on Wednesday.

The decrease was driven by the purchases index falling 3.3% from the previous week on a seasonally adjusted basis. Concurrently, the refi index increased 2.2% from the week prior. 

Compared to a year ago, mortgage applications declined across the board. The overall market composite index dipped 31.9% on a seasonally adjusted basis. Refi apps fell 42.4% year over year, and purchase applications decreased 9.1% in the details ⇒

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