Mortgage slowdown or just the holidays?

Today the Mortgage Bankers Association reported that their index mortgage applications was down nearly 7% last week to the lowest level in nearly 4 years. This happened during a week of flat to lower interest rates. It's hard to know whether this is more about people doing other things during the holidays, but the MBA puts in seasonal adjustments for these numbers, so I would think the number represents something real. Tomorrow's existing home sales numbers should be interesting.
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