NEW YORK -- Applications for mortgages fell 16% in the weeek ended Dec. 18, the Mortgage Bankers Association of America said.

Refinancings made up 35.8% of the volume, down one percentage point from a week earlier.

Adjustable-rate loans comprised 15.9%. Seven-year and five-year balloon mortgages made uo 4%. The average loan was $113,693.

The average contract interest rate for fixed-rate mortgage was unchanged at 8.1%

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