Mortgage application volume decreased 2.6% in the week ended Dec. 16 despite mortgage rates again dropping to year lows, according to data from the Mortgage Bankers Association’s weekly mortgage applications survey.

“Continued anxiety surrounding the fragile economic situation in Europe led interest rates lower last week. However, refinance applications fell slightly, and purchase applications dropped further as we head into the end of the year,” said MBA vice president of research and economics Michael Fratantoni.

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