Earlier today, the Mortgage Bankers Association released its Weekly Mortgage Application Survey. Despite the increase in activity for the week ending in January 2nd, together, activity took a dive in the last couple of weeks, those ending in December 26th and January 2nd.

The numbers calculated by the MBA were adjusted to account for Christmas and New Years eve holidays. Thus, for the two previous weeks, in an adjusted basis, mortgage loan application activity decreased 9.1% from weeks ending on December 12th and December 19th. This number is composed of a 12% decreased in refinancing, 5% decreased in purchases.

Last week, we saw mortgage interest rates drop to 4.01%. The drop in rates may have influenced borrowers, and week over week, the week ending on January 2nd showed increased activity from week ending in December 26th.

Full report on mortgage application activity: http://www.mbaa.org/NewsandMedia/PressCenter/90242.htm

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