Mortgage Applications Decline – In the Week Ending 28th June 2024

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending Friday, June 28, 2024, the Market Composite Index, a measure of mortgage loan application volume decreased 2.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 8.0% compared with the previous week.

The Refinance Index declined 2.0% from the previous week but was 29.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 3.0% compared to one week ago. The unadjusted Purchase Index increased 7.0% compared with the previous week but was 12.0% lower than the same week one year ago.

MBA’s Senior Vice President, and Chief Economist Dr. Mike Fratantoni – Ph.D. – Economics said, “Mortgage rates moved higher last week, crossing the 7 percent mark, even as the latest inflation data has kept market expectations alive for a rate cut from the Fed later this year. Purchase applications decreased the final full week of June, even as both new and existing inventories have increased over the past few months. Refinance activity also remains subdued – although there was a slight increase in applications for conventional refinance loans.”