Purchase loan applications down for 4th time in 5 weeks

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Applications for purchase loans dropped a seasonally adjusted 3 percent for the week ending July 26 compared to a week earlier, but were still up 5 percent on an annual basis, according to the latest Mortgage Bankers Association’s Weekly Mortgage Applications survey. Refinance applications fell 4 percent during the same period.

“Mortgage rates were little changed last week, but remain roughly one percentage point higher than they were three months ago,” said Mike Fratantoni, vice president of research and economics at MBA.  “Refinance application volume continues to decline, with the refinance index now more than 55 percent lower than its recent peak, reaching the lowest level in over two years. Applications for home purchases dropped for the fourth time in five weeks, but purchase volume is running about 5 percent higher than last year at this time.” Source: mbaa.org