The Mortgage Bankers Association, which traditionally closes its office during
the end of the year holiday season, played catchup today with results from its
Weekly Mortgage Applications Survey for the two weeks ended January 2. While two weeks are included in the survey,
comparisons are to the week ended December 19.
Each of the two weeks covered in the report were adjusted to account for
the Christmas and the New Years’ holiday respectively.
Application volume as measured by MBA’s Market Composite Index was down
during the week by 9.1 percent on a seasonally adjusted basis compared to two
weeks earlier. On an unadjusted basis
the index unsurprisingly plummeted by 37 percent.