The MBA’s weekly mortgage application survey showed a 12.8% decrease overall, with refinance applications dropping 18% and the purchase index falling just 4%. Quicken Loans vice president Bill Banfield offers the following comments on the report.

“Interest rates edged higher in November in response to expectations about the timing of the Fed’s pullback in bond purchases.  The direction of rates during this holiday-impacted week had a larger effect on mortgage activity than we saw last year and continued a recent trend of weaker applications for both purchase and refinance loans.”

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