Mortgage applications nationwide decreased 12.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) weekly mortgage applications survey for the week ending Dec. 14. 

The market composite index, a measure of mortgage loan application volume, decreased 12.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 13 percent compared with the previous week. The refinance index decreased 14 percent from the previous week to the lowest level since the week ending Nov. 2.  

The refinance share of mortgage activity decreased to 83 percent of total applications from 84 percent the previous week.