Mortgage applications increased slightly last week, according to the Mortgage Bankers Association (MBA). The MBA’s market composite index, a measure of gross mortgage application volume, increased 0.3% on a seasonally adjusted basis for the week ending December 11, compared to the previous week. The group’s refinance index was up 0.9%, while the purchase index decreased 0.1%. Mortgage Maxx’s survey that’s adjusted to reflect the number of households applying for mortgages decreased 3% for the week ending December 11. “As the year-end holidays quickly approach, the MAX will continue to move lower until at least January,” Mortgage Maxx said. Refinance mortgages took a 75.2% share of total applications, the MBA said, up from 74.4% the previous week. It’s the highest refinance share since April 24 of this year. Adjustable-rate mortgages (ARMs) took a 4.1% share of activity, down from 4.7% in the previous week and the lowest share since mid-June 2009. Write to Austin Kilgore.
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