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Demand for mortgage applications sank to near six-month lows in the weeks ending December 25 and January 1, as interest rates climbed above five percent for the first time in eight weeks.
In its weekly mortgage applications survey, the Mortgage Bankers Association reported that total mortgage application volume decreased 22.8 percent in the Christmas week and 0.5 percent in the week ending on New Year's Day. The measures include adjustments to account for the holidays.
Unadjusted, the index decreased 46.9 percent the week of Christmas, and 0.4 percent the week after.
Interest rates on 30-year fixed-rate mortgages rose to 5.08 percent in the week ending December 25, and jumped again to 5.18 percent the week ending January 1.
Rates on 15-year fixed rate mortgages increased to 4.62 percent over both weeks, jumping from 4.34 to 4.57 percent by Christmas, and rising another 0.05 percentage points by New Year's.
The MBA's refinance index also recorded a significant decrease, falling 30.5 percent during the Christmas week, and dropping another 1.6 percent before New Year's. The seasonally adjusted purchase index remained relatively flat, losing four percent the first week, and gaining 3.6 percent the second week.
Unadjusted, the purchase index decreased 33.1 percent, then gained 5.0 percent. It is currently 28.2 percent lower than it was over the same period one year ago.
Refinance shares of mortgage activity fell to 68.2 percent of total applications, a drop from 75.9 percent of applications recorded in the week ending December 18.
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