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Mortgage Applications, Rates Hit Summer Doldrums

Wednesday, July 22, 2015

With the distortions of the Independence Day holiday week and the subsequent week's recovery now history mortgage application activity settled down.  Really settled down.  As measured by the Mortgage Bankers Associations Market Composite Index the volume of mortgage applications during the week ended July 17 barely stirred from their levels of the previous week.  The index increased 0.1 percent on a seasonally adjusted basis and 0.4 percent when unadjusted.

The Refinance Index was up 1 percent from the week before and the share of refinancing applications dipped to 50.3 percent of all applications from 5.8 percent the week before.  Both the seasonally adjusted and unadjusted Purchase Indices rose 1 percent from the previous week and the unadjusted index was 18 percent higher than during the same week in 2014.

 

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