Mortgage applications for the week ending December 28, sank 21.6% from the week ending December 14, according to data from the Mortgage Bankers Association's weekly mortgage applications survey.

The results include an adjustment to account for Christmas.

The refinance index fell 23.3%, while the purchase index dropped 14.8%.

Refinance were 82% of volume, unchanged from the earlier report.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.52% from 3.51%, while the average 15-year fixed-rate mortgage inched up to 2.86% from 2.84%.

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