Mortgage Applications Fell For Fourth Straight Week

Mortgage application volume fell 2.0% on an adjusted basis during the week ended August 10, as mortgage rates dipped slightly, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

It was the fourth consecutive week that applications fell on a week-over-week basis.

Applications for refinances were flat compared with the previous week while applications for purchases decreased 3%.

On an unadjusted basis, total volume decreased 3% compared with the previous week. Applications for purchases decreased 4% on an unadjusted basis and were 3% lower compared with the same week one year earlier.

The refinance share of mortgage activity increased to 37.6% of total applications, up from 36.6% the previous week.

The adjustable-rate mortgage (ARM) share of activity decreased to 6.2% of total applications.

The average rate for a 30-year fixed-rate mortgage, based on closings, was 4.81%, down from 4.84%.

The average rate for a 5/1 adjustable rate mortgage was 4.06%, down from 4.07%.

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