Mortgage Applications Resume Downtrend

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Posted To: MND NewsWire

Despite persistently low rates, consumers are not feeling too motivated to apply for home loans. The Mortgage Bankers Association said mortgage applications during the week ended August 12 fell for the fourth time in the last five weeks. MBA’s Market Composite Index, a measure of loan application volume, was 4.0 percent below its level a week earlier on a seasonally adjusted basis and 5 percent unadjusted. Applications for both purchasing and refinancing were about equally responsible for the decline with the refinance index also decreasing 4.0 percent from a week earlier and the seasonally adjusted Purchase Index down 4.0 percent to its lowest level since February 2016. The unadjusted Purchase Index dropped by 5.0 percent from a week earlier but remained 10 percent higher than during the same…(read more)

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