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Financial News: Mortgage Applications Decline For 3rd Week Despite Modest

Mortgage Applications Decline For 3rd Week Despite Modest Rise In Purchase Activity

07/10/2024 - 13:35:00 (RTTNews)

(RTTNews) - Mortgage applications in the U.S. fell for a third week in a row even as purchasing activity increased, the weekly survey results from the Mortgage Bankers Association showed Wednesday.

For the week ending July, mortgage applications decreased 0.2 percent from one week earlier, when they fell 2.6 percent. The latest week results included an adjustment for the July 4th holiday, the MBA said.

The Market Composite Index, which measures mortgage loan application volume, fell 0.2 percent on a seasonally adjusted basis, and by 20 percent on an unadjusted basis from the previous week.

The Refinance Index dropped 2 percent from the previous week, but it was 28 percent higher than the same week a year ago. Refinance applications decreased for the fourth consecutive week, in line with higher rates, the MBA said.

"Although home equity gains have been significant in recent years, most borrowers do not have much of an incentive to refinance at current rates," Joel Kan, MBA's vice president and deputy chief economist, said.

The seasonally adjusted Purchase Index rose 1 percent from one week earlier but decreased 19 percent on an unadjusted basis.

The 30-year fixed-rate mortgage average interest rate eased to 7.00 percent from 7.03 percent in the previous week.

"The recent uptick in mortgage rates has slowed demand. Mortgage applications were essentially flat last week, as mortgage rates remained around 7 percent," Kan said.

"Purchase activity picked up slightly, driven primarily by increases in FHA and VA applications."

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