Mortgage Applications Decline in the Week Ending July 19th

According to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending Friday, July 19th, the Market Composite Index—a measure of mortgage loan application volume—decreased 2.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.0% compared with the previous week.

The Refinance Index increased 0.3% from the previous week and was 38.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 4.0% compared to one week ago. The unadjusted Purchase Index decreased 4.0% compared with the previous week but was 15.0% higher than the same week one year ago.

Commenting on the results of this week’s survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates continued to ease, with the 30-year fixed rate dipping to 6.82%, the lowest level since February. Refinance applications were up, driven by conventional and FHA application activity, as some borrowers took the opportunity to act. Furthermore, the conventional refi index was at its highest level since September 2022.

Purchase applications decreased as ongoing affordability challenges persist with rates at their current levels and with home-price appreciation still strong in many markets.”