Tag Archives: Purchase Index

A 3% decline in purchase applications was offset by a 2% rise in refi activity as overall mortgage application volume slid for the second consecutive week.

After showing signs of gains, mortgage application volume fell this week, led by a slight drop-off in refi volume.

Mortgage applications rose 1.8% week-over-week, as the 30-year fixed-rate mortgage held steady at 3.10% as more took advantage of continued low rates to refinance.

Overall mortgage application and refi volume fell week-over-week, as well as dropping 31% year-over-year.

With rates on the rise, a slight uptick in purchase apps compensated for a slide in refinance apps, which hit lows last seen in January 2020.

As mortgage rates edge above the 3% mark, borrower incentive to refinance is waning.

Mortgage application volume rose slightly over last week, driven by a five-month high in purchase volume hot lows last seen in July.

Purchase apps have slid week-over-week, while the demand for refis has leveled off, as August saw a boost in the supply of homes nationwide.

Rates below the 3% mark continue to feed the refi frenzy, as increases were found in both purchase apps and refinances over the previous week.

After a slight uptick last week, mortgage application volume fell this week, as rates began to rise and fear over rising COIVD cases overshadowed strong jobs reports.