The total mortgage application volume decreased .7% from one week earlier for the week ending December 2, 2016, according to the latest weekly report from the Mortgage Bankers Association (MBA).
Purchase loan applications decreased .4% from one week earlier, and are 3% higher than this same week last year.
Refinance applications were down 1% from the previous week. The refi share of total mortgage activity was up to 56.2% of total loan apps from 55.1% the week prior.
Adjustable-rate mortgages (ARM) were up 6.0% of total applications, the highest level since February 2016.
Loan applications for FHA loans increased to 11.3% from 10.4% the week prior.
VA loan applications were up to 12.6% from 11.7% the previous week.
The USDA share of total applications increased to 0.9% from 0.8% the week prior.