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Mortgage Apps Scratching 5-Month Low; Weakening Demand for Purchase Apps Seen 

Jul 25, 2007By

According to the MBA’s latest Weekly Mortgage Applications Survey, mortgage application volume dropped 3.6 percent in the week ended July 20 — the Market Composite Index used to track aggregate application activity dropped to 609.0, near a 5-month low. A steep drop in purchase applications appears to be to blame here, with the Purchase Index dropping 5.0 percent from one week earlier; refinance applications dropped less sharply, falling 1.6 percent, according to the MBA.

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Updated 11 months ago