Another Slow Week for Mortgage Applications

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Posted To: MND NewsWire

Despite interest rates that were lower across the board mortgage applications activity sagged during the week ended July 29. The Mortgage Bankers Association (MBA) said its Market Composite Index and all of its components were down from levels during the week ended July 22. The Composite Index itself decreased by 3.5 percent on a seasonally adjusted basis from the previous week and was down 4.0 percent unadjusted. It was the third consecutive week that the seasonally adjusted Composite was lower. The Refinancing Index was also down 4.0 percent and the share of applications that were designated for refinancing fell from 61.1 percent to 60.7 percent. The Purchase Index was 2 percent lower than a week earlier on a seasonally adjusted level and reached the lowest level since February. The unadjusted…(read more)

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