Loan Apps Tank By 11% After Slight Increase Last Week

After ticking up 2% last week, mortgage loan application volume tanked by 11% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, fell by 11%. The adjusted purchase index fell by 12%, while the unadjusted purchase index fell by 12% as well and was 15% lower YOY. The refinance index fell 10% and was down 76% YOY. Refinances made up 33% of total applications, up from 32.4%.  “Mortgage applications decreased for the first time in three weeks, as mortgage rates – despite declining last week – remained over two percentage points higher than a year ago and close to the highest levels since 2009. For borrowers looking…