Mortgage applications increase as loan rates drop
Since the federal tax credit expired in April, home sales sank during the summer but began to pick up pace in the fall as mortgage rates dropped.
Meanwhile, the purchase index dropped 3.7 percent from one week earlier.
The four-week moving average, which smoothes the volatile weekly figures, for the market index was down 5.3 percent.
The four-week moving average is down 1 percent for the seasonally adjusted purchase index, while this average is down 7.5 percent for the refinancings.
The refinance share of mortgage activity increased to 72.1 percent of total applications from 71.0 percent the previous week.
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