Apps

The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – fell by 9%. Adjusted purchase applications fell by 10%, but the unadjusted index was up 7% from the week before. Purchase applications are down by more than 40% YOY. Refinances dipped as well, down 7% from the week prior.  They remain 80% lower than the same time last year, comprising only 31.2% of total applications. In the past decade, refis averaged 58% of total activity. “Mortgage rates declined for the fourth straight week and have now fallen almost 40 basis points over the past month. Treasury yields were higher on average last week, while mortgage rates decreased, which was…