According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending July 30, 2021, the Market Composite Index — a measure of mortgage loan application volume — decreased -1.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -2% compared with the previous week. The Refinance Index decreased -2% from the previous week and was -3% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased -2% from one week earlier. The unadjusted Purchase Index decreased -2% compared with the previous week and was -18% lower than the same week one year ago.
In a statement prepared for the release of the statement, Mike Fratantoni, MBA’s Senior Vice President and Chief Economist said, “Interest rates drifted lower globally last week, as markets assessed the latest concerns regarding the delta variant. 30-year mortgage rates dropped below 3 percent in our survey for the first time since this February, presenting an opportunity for many homeowners who have not yet refinanced to lower their rate and their payments. Refinance application volume slightly decreased, following an 11 percent jump last week.” Fratantoni added, “Purchase application volume decreased again, reflecting the ongoing lack of inventory that continues to drive rapid home-price appreciation across the country.”
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Mortgage Applications Decrease in Latest MBA Weekly Survey