Purchase Apps Fall To Slowest Pace In A Month

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…

Purchase Apps, Refis See Boost As Rates Retreat

Both purchase applications and refis saw increases as rates fell for a fifth consecutive week. The Mortgage Bankers Association’s weekly survey shows the adjusted Market Composite Index – a measure of mortgage loan application volume – rose by 7.4%. Adjusted purchase applications increased by 3%, while the unadjusted index was up 4% from the week before and was 37% lower YOY. Refinances saw a big upswing, rising 18% from the week prior. But they remain 75% lower than the same time last year, comprising only 33.9% of total applications. In the past decade, refis averaged 58% of total activity. “Both purchase and refinance applications increased last week and have shown gains in three of the past four weeks because of…