Applications for purchase loans inched up a seasonally adjusted 1 percent for the week ending Aug. 16 compared to a week earlier and were up 5 percent on an annual basis, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications survey.

Meanwhile, refinance applications continued to trend downward, falling 8 percent during the same period.

The drop in refinance apps came as the average rate for a 30-year fixed-rate mortgage with a conforming loan balance of $417,000 or less jumped from 4.56 percent to 4.68 percent.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top