Mortgage applications decreased by 2.3% in the week ending August 12 compared to a week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey published on Wednesday. The Refinance Index dropped 5% in the same period and stood 82% lower versus the same week a year ago. The seasonally adjusted Purchase Index declined 1% on a weekly basis.
"Mortgage application activity was lower last week, with overall applications declining over 2% to their lowest level since 2000. Home purchase applications continued to be held down by rapidly drying up demand, as high mortgage rates, challenging affordability, and a gloomier outlook of the economy kept buyers on the sidelines," MBA executive Joel Kan noted.
