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by CareyBot

Mortgage rates rebounded over the holidays, putting a damper on applications for refinancings, the Mortgage Bankers Association said.Loan applications were down a seasonally adjusted 22.8 percent during the week ending Dec. 25, before registering a nearly imperceptible increase of 0.5 percent for the week ending Jan. 1, the MBA said in reporting the results of its two most recent Weekly Mortgage Applications Surveys. The results included adjustments to factor in the holiday-shortened weeks.Requests for refinancings were down 30.5 percent the week ending Dec. 25, and applications for purchase loans were down a seasonally adjusted 4 percent. Applications for refinancings fell another 1.6 percent the week ending Jan. 1, while requests for purchase loans rose 3.6 percent.The average contract i...