Mortgage applications for the week ending December 13, 2019 fell 5% according to the Mortgage Bankers Association's Weekly Mortgage Applications Survey.
"With rates showing little meaningful movement, both refinance and purchase activity took a step back," said Mike Fratantoni, MBA’s senior vice president and chief economist, according to HousingWire.
"As we move into the slowest time of the year for home sales, purchase application volume is declining but continues to outperform year-ago levels, when rates were much higher. Purchase activity was 10% higher than a year ago."
Meanwhile, refinances and adjustable-rate mortgage activity both took a slide. In addition, the Federal Housing Administration's share of mortgage applications also feel 0.2%.
"According to the MBA, the Refinance Index fell 7%, while the unadjusted Purchase Index dropped 6% and the seasonally adjusted Purchase Index slid 2% from the week before," according to HW.
To learn more about the decline in mortgage applications, click here.