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Purchase Applications Decline Even as Rates Move Lower

Posted To: MND NewsWire

Mortgage applications volume fell for the second time during the week ended August 21, declining 6.5 percent from the previous week according to the Mortgage Bankers Association’s (MBA’s) seasonally adjusted Market Composite Index. The volume was down 7.0 percent before adjustment. The Refinancing Index lost 10 percent from the previous week’s level and the refinancing share of all activity declined 2 percentage points to 62.6 percent. The Index was still 34 percent higher than during the same week in 2019. The seasonally adjusted Purchase Index eked out an 0.4 percent gain but was down 2.0 percent on an unadjusted basis. It was 33 percent higher than the same week one year ago. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed “Mortgage rates were mixed last week, but the rates for 30…(read more)

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