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Mortgage Market Activity Drops
WASHINGTON (12/2/13)--The home finance market was slightly less active for the week ending Nov. 22, a mortgage trade association reported Wednesday.

The Mortgage Bankers Association's Market Composite Index receded by 0.3% on a seasonally adjusted basis, following a 2.3% decline for the week ending Nov. 15.

The measure's refinance index component increased by 0.1%, ending a three-week slide, while its seasonally adjusted purchase index, reflecting initial mortgage applications, fell--for the fourth week in a row--by 0.2%.

A four-week moving average of the refinance index fell by 2.6% over the past month, and is approximately 55.7% below what it was last year. A four-week moving average of the purchase index rose by 2.6% over the past month, but is 3.7% below its level at the same time last year ( Nov. 27).

Refinance applications accounted for 65.5% of all market activity for the week ending Nov. 22.

Moody's analysts said that consumer demand is weak among traditional homebuyers, who are dependent on credit and not expecting interest rates to fall anytime soon. They added that purchase application activity could pick up next year, with rising home values making ownership more lucrative.

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