Mortgage Refinance index decreased 1.4% for the fourth week, while the puchase increased 1.8%

Refinance and Purchase activity is down for the week, it highlights previous weakness in the housing market.  Via MBAA:


The Mortgage Bankers Association (MBA) today released its Weekly Mortgage Applications Survey for the week ending December 3, 2010. The Market Composite Index, a measure of mortgage loan application volume, decreased 0.9 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22.8 percent compared with the previous week, which included the Thanksgiving Holiday.


The Refinance Index decreased 1.4 percent from the previous week. This is the fourth weekly decrease for the Refinance Index which reached its lowest level since June 2010. The seasonally adjusted Purchase Index increased 1.8 percent from one week earlier. This is the third weekly increase for the Purchase Index which reached its highest level since early May 2010. The unadjusted Purchase Index increased 21.3 percent compared with the previous week and was 12.0 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is down 8.0 percent. The four week moving average is up 2.8 percent for the seasonally adjusted Purchase Index, while this average is down 10.9 percent for the Refinance Index.

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