Residential loan applications fell by almost 3% for the week that ended Dec. 16, despite continued historically low rates, according to figures compiled by the Mortgage Bankers Association.
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The trade group also noted that the market share of refinancings hit a yearly high, accounting for 80.7% of all new applications. The week-prior refis accounted for 79.7% of the market. The trade group tracks activity through its market composite index, a measure of mortgage loan application volume. The figures were released Dec. 21.
The MBA reported that the average size of a purchase money loan was $217,774 in November, compared with $213,430 in October. For a refi the average increased to $220,523 from $217,153 the previous month.
