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Market
Mortgage Applications Drop 2.5% In Latest Report
WASHINGTON (8/29/13)--U.S. mortgage applications decreased 2.5% for the week ending Aug. 23 from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.

The Market Composite Index, a measure of mortgage loan application volume, declined 2.5% on a seasonally adjusted basis. Unadjusted, the index dropped 3%.

The Refinance Index fell 5%, said MBA. The Refinance Index has fallen 64.2% from its recent peak the week of May 3.

The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index rose 0.3% and was 6% higher than the same week one year ago.

The refinance share of mortgage activity decreased to 60% of total applications from 61% the previous week, which is the lowest share observed since April 2011. The adjustable-rate mortgage share of activity increased to 7% of total applications. The Home Affordable Refinance Program share of refinance applications rose to 35% from 34% the previous week.

To read the MBA survey, use the link.
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