Real estate purchases plummet

Borrowers not tempted by lower 30-year rate

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Overall mortgage applications fell again last week, dropping 10.6 percent on a seasonally adjusted basis from the week before, according to the Mortgage Bankers Association’s weekly survey.

During the holiday-shortened week, the MBA seasonally adjusted purchase index decreased by 13.7 percent to 417.3 from 483.8 the previous week. The seasonally adjusted refinance index decreased by 5.7 percent to 1,701.3 from 1,803.9 one week earlier. 

The refinance share of mortgage activity increased to 48 percent of total applications from 46.2 percent the previous week.