Posted To: MND NewsWire

Mortgage application volume declined during the week ended July 31 even as mortgage interest rates reached another all-time low. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that volume, decreased 5.1 percent on a seasonally adjusted basis from one week earlier and was down 5 percent unadjusted. Refinancing took the larger hit. That index fell 7 percent from the previous week and accounted for 63.9 percent of all applications, down from 65.1 percent the prior week. Activity was 84 percent greater than the same week one year ago. The Purchase Index decreased 2 percent from one week earlier on both a seasonally adjusted and a non-adjusted basis. It was 22 percent higher on an annual basis. Refi Index vs 30yr Fixed Purchase Index vs 30yr Fixed Joel Kan,…(read more)

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Source: Mortgage News Daily