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Purchase Mortgage Volume Continues to Weaken; Rates Moving Back Up

Purchase Mortgage Volume Continues to Weaken; Rates Moving Back Up

After a strong showing during the week ended July 9, mortgage application volume pulled back. The Mortgage Bankers Association's (MBA) Market Composite Index, a measure of that volume, decreased 4.0 percent on a seasonally adjusted basis during the week ended July 16 although it was 20 percent higher than the prior week before adjustment. The Refinance Index decreased 3 percent from the previous week and was 18 percent lower than the same week one year ago, but the refinancing share of total applications grew to 64.9 percent of total applications from 64.1 percent the previous week. The seasonally adjusted Purchase Index decreased 6 percent but was 17 percent higher on an unadjusted basis from the previous week and 18 percent lower than the same week in 2020. Refi Index vs 30yr Fixed [refiappschart
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