Loan App Volume Dips To Lowest Level Since February 2000

Mortgage loan application volume fell by another 1.8%, the fourth straight week of declines and the lowest level of activity since February 2000, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.8%. The adjusted purchase index dropped 1%, while the unadjusted purchase index decreased by 0.4%% and was 18% lower YOY. The refinance index fell by 4% and made up 30.7% of total applications, down 83% from the same time last year.  ARM activity dropped to 9.1% of total applications.  As affordability challenges continue and potential buyers decide to hold off searching for a home, purchase activity is now inching closer to pre-pandemic levels. “Weakening purchase applications…