Mortgage
applications fell sharply last week, affecting both refinance and purchase components
of the Mortgage Banker Association’s (MBA’s) Market Composite Index. The index,
a measure of mortgage loan application volume, was down 6.9 percent on a
seasonally adjusted basis during the week ended June 25, and was 7 percent
lower before adjustment, bringing it to the lowest level in almost a year and a
half. The Refinance Index decreased 8
percent from the previous week and was 15 percent lower than the same week one
year ago. The refinance share of mortgage activity declined to 61.9 percent of
total applications from 62.5 percent the previous week. The seasonally adjusted Purchase Index decreased 5
percent and the unadjusted version was down 6 percent compared with the
previous week and was 17 percent lower than the same week one year ago.

 

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