Mortgage App Volume Falls as Rates Top 7 Percent

Mortgage App Volume Falls as Rates Top 7 Percent

The downturn in mortgage application volume extended to a third straight week over the period ending August 4. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 3.1 percent on a seasonally adjusted basis and was down 4.0 percent before adjustment when compared to the prior week. The Refinance Index decreased 4.0 percent and was 37 percent lower than the same week one year ago. Refinancing applications accounted for 28.7 percent of the total, down from 28.9 percent the previous week. [refiappschart] The seasonally adjusted Purchase Index fell 3.0 percent week-over-week on both an adjusted and unadjusted basis . Purchasing volume was 27 percent below its level during the same week in 2022.   [purchaseappschart] “Treasur