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Mortgage Application Volume Nearly as Flat as Rates

Wednesday, August 12, 2015

There was virtually no change in the overall volume of mortgage applications during the week ended August 7 compared to the previous week, mirroring similar week-over-week movement in interest rates. A decline in applications for purchase mortgages virtually wiped out the small uptick in those for refinancing.

The Mortgage Bankers Association's Market Composite Index, a measure of loan application volume, increased a scant 0.1 percent on a seasonally adjusted basis from the week ended July 31 but was down 1.0 percent when unadjusted.  The Refinancing Index, returned roughly to its May levels, rising 3 percent from the previous week.  The share of refinancing increased by slightly less than 2 percentage points to 53.1 percent, the largest share since April.

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