As expected, the holidays intruded on mortgage application activity as 30-year fixed mortgage rates closed out the year at their lowest level for 2011.

"Mortgage application activity declined over the last two weeks, even after adjusting for the typical seasonal decline in activity," said Michael Fratantoni, Mortgage Bankers Association's (MBA) vice president of research and economics. However, "refinance applications continue to account for the vast majority of total application volume, with the refinance share reaching its highest level in 2011." 

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