MBA: Mortgage Purchase Index Reaches New Low

oan applications dropped to its lowest level since December 1996, according to data released by the [link=]Mortgage Bankers Association[/link] (MBA). In reviewing mortgage activities for the week ending July 9, MBA reported that its seasonally adjusted Purchase Index decreased 3.1% from one week earlier, reaching its lowest level in nearly 14 years. The unadjusted Purchase Index decreased 12.7% compared with the previous week and was 43% lower than Independence Day week one year ago. The MBA's Refinance Index decreased 2.9% from the previous week. Source: Mortgage Bankers Asso


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