Mortgage application volume plummeted 19.5 percent during the week ending Dec. 14, according to the Mortgage Bankers Association's weekly application survey.
The trade group's application index fell to 653.8 from 811.8 the previous week.
Refinance volume tumbled 27.3 percent during the week, while purchase volume fell 10.6 percent. Refinance applications accounted for 53.2 percent of total mortgage applications, down from 57.6 percent during the prior week.
OK granted, December is always the slowest month of the year traditionally.
But 19.5 % are you kidding me.
Plan on reading big headlines in January saying "Mortgage applications up 10%"
"Economy turning" and "A Light at the end of the Tunnel."
All garbage of course because even mortgage applications do go up 15% in
January, we are still left with a 5% variance from December.
-Christopher Rockey
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