Mortgage Application Volume Falls for Fifth Consecutive Week

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Posted To: MND NewsWire

Mortgage application activity declined for the fifth consecutive period during the week ended July 26. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, decreased 1.4 percent on a seasonally adjusted basis compared to the previous week and was down 1 percent on an unadjusted basis. The Purchase Index was also down, falling by three percent on both a seasonally adjusted and an unadjusted basis. It remained, however, 6 percent higher than during the same week in 2018. Refinancing still showed a little bit of life . That index eked out a gain of 0.1 percent compared to the week ended July 19 and was 84 percent higher than a year earlier. The share of applications that were for refinancing inched up to 50.5 percent from 49.8 percent the prior…(read more)

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