MBA: Mortgage application volume declines

THe number of mortgage applications declined recently.In its weekly report, the Mortgage Bankers Association revealed the total volume of home loan applications declined during the week ending August 19, as its Purchase Index fell to its lowest level in 15 years.The MBA's Market Composite Index declined 2.4 percent compared to the previous week on a seasonally adjusted basis, while unadjusted, it was down 2.9 percent. The Refinance Index declined as well, dropping 1.7 percent on an adjusted basis. The Purchase Index, which has continued to decrease in recent weeks, was an adjusted 5.7 percent below its previous week's level, now residing at its lowest point on record since December 1996. Unadjusted, the Purchase Index was down 7.3 percent from both the previous week and the same period during the previous year.”Another week of volatile markets and rampant uncertainty regarding the economy kept prospective homebuyers on the sidelines, with purchase applications falling to a 15-year low,” said Michael Fratantoni, MBA vice president of Research and Economics.The four-week moving average for the Market and Refinance Indices were up 6.9 percent and 9.9 percent, respectively, both on an adjusted basis. The four-week average for the Purchase Index was down, however, falling an adjusted 2.6 percent.With a healthy job sector and home prices remaining relatively steady, the Houston real estate market may continue to see more mortgage applications as an increased number of consumers attempt to become homeowners.Courtesy of 2M Realty News

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