Mortgage applications in the States are down, according to the Mortgage Bankers Association, which recently released its Weekly Mortgage Applications Survey for the week ending December 15th.

Mortgage applications were down marginally (1.5 percent) for the week, after marginal increases for several consecutive weeks. However the index overall is roughly 18 percent higher YoY than it was at the same time in 2022.

Also of note was the fact that the United States’ 30-year fixed mortgage rate reached its lowest level in almost six months (since June 2023).

The Market Composite Index, a measure of mortgage loan application volume, decreased 1.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased two percent from the previous week and was 18 percent higher than the same week one year ago. The seasonally adjusted Purchase Index decreased one percent from one week earlier. The unadjusted Purchase Index decreased four percent compared with the previous week and was 18 percent lower than the same week one year ago.”

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