by Calculated Risk on 12/28/2005 10:49:00 AM

The Mortgage Bankers Association (MBA) reports: Mortgage Application Activity Slows Preceding Holiday Weekend

The Market Composite Index - a measure of mortgage loan application volume was 554.1 -- a decrease of 6.8 percent on a seasonally adjusted basis from 594.6 one week earlier. A holiday adjustment was included in the seasonally adjusted numbers to help account for the reduced application activity prior to the holiday weekend. On an unadjusted basis, the Index decreased 17.0 percent compared with the previous week and was up 3.1 percent compared with the same week one year earlier.

The seasonally-adjusted Purchase Index decreased by 4.5 percent to 432.9 from 453.1 the previous week whereas the Refinance Index decreased by 11.2 percent to 1259.1 from 1418.1 one week earlier.

Rates were steady:

The average contract interest rate for 30-year fixed-rate mortgages decreased to 6.21 percent from 6.22 percent on week earlier ...

The average contract interest rate for one-year ARMs decreased to 5.36 percent from 5.41 percent one week earlier...

Activity is falling, but still reasonably strong. These reports will be more informative after the holidays.