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Lower Rates Fail to Stir Mortgage Applications

Mortgage applications were down modestly during the week
ended December 12, with purchase applications accounting for the decline.  The Mortgage Bankers Association said its
Market Composite Index, a measure of application volume, lost 3.3 percent on a
seasonally adjusted basis from the week ended December 5 and was 4 percent
lower on an unadjusted basis.

The Refinance Index was unchanged from the previous week but
the portion of all mortgage applications intended for refinancing rose from 64
percent to 66 percent.  This was the
highest share of applications captured by refinancing since December 2014.

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