Mortgage applications decreased 10.7 percent last week on a seasonally adjusted basis from the previous week. On an unadjusted basis, the index decreased 10.9 percent.

The decrease was about equally divided between refinances, which declined 10.1 percent, and purchases, which decreased 11.6 percent. Compared to the same week the previous year, purchases declined 32.7 percent.

Interest rates were down:

  • 30-year fixed-rate mortgages remained flat at 4.92 percent.
  • 15-year fixed-rate mortgages increased to 4.34 percent from 4.33 percent.
  • One-year ARMs remained flat at 6.52 percent.

Source: Mortgage Bankers Association (12/23/2009)