Loan Applications Fall To Lowest Point Since Spring 2019
Mortgage loan application volume fell by 6.3% to its lowest level since the spring of 2019, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped by 6.3%. The adjusted purchase index fell by 3%, while the unadjusted purchase index fell by 3% and was 9% lower YOY. The refinance index fell 10% and was down 62% YOY. Refinances made up just 38.8% of total applications, down from 40.6%. Mortgage rates hit 4.90% in their fourth straight week of increases, putting further pressure on dwindling refinances. Rates are now up 1.5 percentage points from the same time last year. “The hot job market and rapid wage growth continue to…