Today's Mortgage Bankers Association's Weekly Mortgage Applications Survey showed that for the week ending Dec. 23, the Market Composite Index, which measures mortgage loan application volume, decreased 6.8 percent from the week before.

The seasonally-adjusted Purchase Index decreased by 4.5 percent to 432.9 from 453.1 the previous week. Refinance activity, according to the Refinance Index, decreased by 11.2 percent.

"Despite a decline last week in new home sales and today's mortgage application report, housing is still strong, supported by low long-term interest rates and strong employment gains," said Bill Emerson, Loans CEO. "As recent refinance activity has shown, consumers are wisely refinancing from adjustable rate mortgages into long-term, fixed-rate programs to defend against rising short-term rates."

Publish Date: 12/28/2005