MBA Weekly Survey: Mortgage Applications Fell 2.8%


Mortgage application volume decreased 2.8% on an adjusted basis during the week ended July 28, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

Applications for refinances decreased 4% from the previous week, while applications for purchases decreased 2% from one week earlier to its lowest level since March 2017.

On an unadjusted basis, total volume decreased 3% compared with the previous week. Applications for purchases decreased 2% on an unadjusted basis but were 9% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 45.5% of total applications, down from 46.0% the previous week.

The average rate for a 30-year fixed-rate mortgage (FRM) was 6.6%.

The average rate for 30-year jumbo FRM was 4.11%, up from 4.06%.

The average rate for a 30-year FRM backed by the Federal Housing Administration (FHA) was 4.07%, up from 4.05%.

The average rate for a 15-year FRM remained unchanged at 3.45%.

The average rate for a 5/1 adjustable-rate mortgage was 3.30%, up slightly from 3.29%.

The Federal Housing Administration share of total applications increased to 10.3% from 10.2% the week prior, while the Veterans Affairs share of total applications decreased to 10.1% from 10.5% the week prior. The U.S. Department of Agriculture share of total applications remained unchanged at 0.8% from the week prior.


Leave a Comment

Notify of