Loan Applications Fall Further As Market Shows Signs Of Cooling
Mortgage loan application volume dropped another 1.2% after plunging 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 1.2%. The adjusted purchase index didn’t budge, moving 0%, while the unadjusted purchase index fell by 1% and was 16% lower YOY. The refinance index fell 4% and was down 75% YOY. Refinances made up 32.3% of total applications. ARM activity fell to 9.4% of total applications. “The 30-year fixed rate declined for the second straight week to 5.46% but remains well above what borrowers were used to over the past two years. Most refinance borrowers continue to remain on the sidelines as a result,…