application volume was lower over the last week, continuing the up-one-week,
down-the-next pattern it has displayed since late June. The Mortgage Bankers
Association (MBA) says its Market Composite Index, a measure of mortgage loan
application volume, dropped 3.9 percent on a seasonally adjusted basis during
the week ended August 13 and was 4 percent lower on an unadjusted basis. Most of the
downturn was on the refinancing side of originations. The Refinance Index
decreased 5 percent from the previous week and was 8 percent lower than the
same week one year ago. The refinance share of mortgage activity accounted to 67.3
percent of total applications, down from 68.0 percent the previous week. The seasonally
adjusted Purchase Index decreased 1 percent from one week earlier and 2 percent
before adjustment. It was 19 percent lower than the same week in 2020.


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