Home Sales, Mortgage Applications Feel Holiday Lull

For the week ending Dec. 22, mortgage application volume slimmed down and new home sales remained virtually flat

Mortgage application activity faltered last week as rates edged up and holiday duties rose to the tops of priority lists, according to a report issued Wednesday by the Mortgage Bankers Assn. For the critical retail week ending Dec. 22, the MBA's Market Composite Index, a measure of mortgage loan appreciation volume, decreased 14.2% to 555.8 on a seasonally-adjusted basis from 647.6 the week ending Dec. 15. On an unadjusted basis, the index was up 16.6% year-over-year.

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