Mortgage Application

Mortgage applications fell last week, wiping out the prior week’s gains, as purchase applications dropped to their slowest pace in a month. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – decreased by 6.3%, changing course after last week’s 6.3% increase. Adjusted purchase applications fell by 4.8%, while the unadjusted index was down 5% from the week before and 26% lower YOY. The average interest rate for 30-year fixed loans rose from 6.48% to 6.57%, its highest level in two months. Refinances fell 8% from the week prior after a 10% increase last week. They remain 43% lower than the same time last year, comprising only 27.4% of…