Mortgage applications decreased by 3.8% for the week ending July 25. The interest rates for 30-year fixed mortgages were steady at 6.74%. The Market Composite Index showed a similar decrease of 3.8% through seasonal adjustments. The refinance index fell by 1%, but was still 30% higher than last year. The purchase index also saw a 6% decline. However, refinancing applications slightly increased to account for 40.7% of total applications. Federal Housing Administration loan applications grew marginally, while Veterans Affairs loan applications decreased.
Mortgage applications fell to their lowest level since May, with both purchase and refinance activity declining over the week. There is still plenty of uncertainty surrounding the economy and job market, which is weighing on prospective homebuyers' decisions.
Mortgage applications decreased 3.8% for the week ending July 25, according to the Mortgage Bankers Association. The downturn comes after a slight 0.8% uptick last week.
The refinance index decreased 1% from the previous week and was 30% higher than the same week one year ago. The adjustable-rate mortgage (ARM) share of activity increased to 8.3% of total applications.
The amount of homeowners who are refinancing increased to 40.7% of total applications from 39.6% the previous week. Federal Housing Administration loan applications slightly increased to 18.8% from 18.7% the week prior.
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