Affordability Continues to Crimp Application Volume     

Affordability Continues to Crimp Application Volume     

The weekly applications report from the Mortgage Bankers Association (MBA) wasn’t positive, but it was certainly consistent. MBA said its Market Composite Index, a measure of mortgage loan application volume, was down by 3.0 percent across the board during the week ended July 28. The composite index decreased 3.0 percent on both a seasonally adjusted and unadjusted basis. The same percentage decline held for the Refinance Index and both the adjusted and unadjusted Purchase Indices. Applications for refinancing were 32 percent lower than the same week in 2022 and the Purchase Index was down 26 percent year-over-year. [refiappschart] [purchaseappschart] “ Mortgage rates edged higher last week, with the 30-year fixed mortgage rate [increasing] to 6.93 percent and leading to another d