Applications Sink Again To 22-Year Low

Mortgage loan application volume fell 1.2% last week to a 22-year low as the 30-year fixed rate rose to its highest point in almost a month, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. The adjusted purchase index fell 1% while the unadjusted purchase index dropped 2% and was 21% lower YOY. The refinance index dropped by 3% and made up 31.1% of total applications, down 83% from the same time last year.  ARM activity fell to 6.5% of total applications. “Last week’s purchase results varied, with conventional applications declining 2% and government applications increasing 4%, which is potentially a sign of more first-time homebuyer activity.…