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Mortgage Applications Slip Further

decreasing-twoMortgage applications continued to backslide last week, though not as quickly as before, the Mortgage Bankers Association (MBA) reported.

The group's Market Composite Index, a measure of loan application volumes, fell 1.0 percent on a seasonally adjusted basis for the week ending June 20. The decline brings application levels back down to their lowest in two months. On an unadjusted basis, the index dropped 2 percent week-over-week.

Though hardly promising, the latest decline is an improvement over the 9.2 percent fall recorded a week prior as the index was coming off a post-holiday gain.

Declines were even all around, with both the Refinance and the seasonally adjusted Purchase indices dipping 1.0 percent to their lowest in a month.

Meanwhile, the refinance share of total mortgage application activity was unchanged at just more than half: 52 percent.

The decreases came even as mortgage rates eased slightly. According to MBA's measure, the average contract rate for a 30-year fixed-rate mortgage was 4.33 percent last week, a drop from 4.36 percent, with points decreasing to 0.18 from 0.24 for 80 percent loan-to-value ratio loans.

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