According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 4, mortgage applications decreased 3.1% from one week earlier.
On an unadjusted basis, the Index decreased 4% compared with the previous week.
The Refinance Index decreased 4% from the previous week and was 37% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 27% lower than the same week one year ago.
“Rates increased for all loan types in our survey, with the 30-year fixed mortgage rate increasing to 7.09%, the highest level since November 2022,” says Joel Kan, MBA’s vice president and deputy chief economist. “Additionally, the rate for FHA mortgages increased to 7.02%, the highest rate since 2002.
“Not surprisingly, mortgage applications continued to decline given these higher rates, with overall application counts falling for the third consecutive week, as both purchase and refinance activity declined. Homebuyers continue to struggle with low for-sale inventory and elevated mortgage rates.”
Photo by Andrea Piacquadio.