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Mortgage Applications Activity Dips to 19 Month Low

The week ended August 3 marked the fourth consecutive one in which mortgage activity declined.  The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, was down 3.0 percent both before and after seasonal adjustment, and that the adjusted number reached its lowest level since January 2016. The seasonally adjusted Purchase Index dropped for the fourth week as well.  It was down 2 percent from the week ended July 27.  The unadjusted Purchase Index was also down 2 percent, both from the previous week and from the same period in 2017.

 

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