Last week saw a drop in refinance activity and loan applications, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending Aug. 17.
The MBA's refinance index decreased 9% from the previous week to the lowest level since early July. The refinance share of mortgage activity decreased to 80% of total applications from 81% the previous week. The share of refinance activity related to the Home Affordable Refinance Program was unchanged from last week at 24%.
The MBA's market composite index, a measure of mortgage loan application volume, decreased 7.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index decreased 8% compared with the previous week.Â
The seasonally adjusted purchase index increased 0.9% from one week earlier. However, the unadjusted purchase index decreased 0.9% compared with the previous week.