Mortgage application volume declines

January 3 2008 BusinessWeek.com Mortgage application volume declined 11.6 percent during the week ending Dec. 28, according to the trade group Mortgage Bankers Association's weekly application survey. The MBA's index fell to 533.9 during the holiday-shortened week from 603.8 the previous week. Refinance volume tumbled 15.4 percent, while purchase volume dropped 8.5 percent. Refinance applications accounted for 50.9 percent of total mortgage applications. The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.

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