Mortgage Applications Fall Sharply

Mortgage application activity fell sharply in the two weeks ended January 1, down 15 percent for home purchases and down 37 percent for refinancing. Rates were steady in the period with the average 30-year mortgage for conforming balances ($417,000 or less) up 1 basis point to 4.20 percent. Weekly data can be volatile during the shortened holiday weeks, making the latest results difficult to read. This series will resume its weekly periods beginning next week.