The Mortgage Banker's Association's (MBA) weekly Mortgage Applications Survey for the last week of the year showed the Market Composite Index, a measure of mortgage loan application volume was 605.7, down 10.6 percent from the previous week on a seasonally adjusted basis.

The week, shortened by holiday observances, had a decrease in the seasonally adjusted Purchase Index of 13.7 percent to 417.3 from the previous week. Refinances increased to a 48.0 percent share of total mortgage applications from 46.2 percent and the ARM share decreased to 32.6 percent from 33.8 percent the previous week.