Christmas Holiday Slows Mortgage Business
The mortgage business was slow over the Christmas holiday week, even compared with the previous year, according to the Mortgage Bankers Association weekly mortgage applications survey.
The mortgage volume index decreased 11.6 percent to 533.9 on a seasonally adjusted basis compared to the previous week. It was down 20 percent compared with the same week a year ago.
The refinance share of mortgage activity decreased to 50.9 percent of total applications from 53.0 percent the previous week.
Also, mortgage rates were down:
30-year fixed-rate mortgages decreased to 6.05 percent from 6.10 percent.
15-year fixed-rate mortgages decreased to 5.61 percent from 5.66 percent.
1-year ARMs decreased to 6.00 percent from 6.03 percent.
Source: Mortgage Bankers Association (01/03/2007)