Mortgage loan application volume fell for the fourth week in a row, dropping 0.8% last week, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
The MBA's Refinance Index decreased 1.6% from the previous week, which is the fourth straight weekly decrease. The seasonally adjusted Purchase Index increased 2.4% from one week earlier. The increase in the Purchase Index was driven by a 4.5% increase in government purchase applications, while conventional purchase applications increased 0.8%, the MBA says.
The refinance share of mortgage activity decreased to 80.7% of total applications from 81.1% the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 6% from 5.9% of total applications from the previous week.
SOURCE: Mortgage Bankers Association