Available 7 Days/Week       MON - FRI  8am - 7pm       SAT - SUN  10am – 6pm
Call us (888) 259-2257
Apply Now

Mortgage Applications Indicate Shift Toward First-Time Buyers

Mortgage application volume was lower over the last week, continuing the up-one-week, down-the-next pattern it has displayed since late June. The Mortgage Bankers Association (MBA) says its Market Composite Index, a measure of mortgage loan application volume, dropped 3.9 percent on a seasonally adjusted basis during the week ended August 13 and was 4 percent lower on an unadjusted basis. Most of the downturn was on the refinancing side of originations. The Refinance Index decreased 5 percent from the previous week and was 8 percent lower than the same week one year ago. The refinance share of mortgage activity accounted to 67.3 percent of total applications, down from 68.0 percent the previous week. The seasonally adjusted Purchase Index decreased 1 percent from one week earlier and 2 percent before adjustment. It was 19 percent lower than the same week in 2020.

 

…(read more)

Forward this article via email:  Send a copy of this story to someone you know that may want to read it.

Fidelity Home Group | Mortgage News | Mortgage Rates

#fidelityhomegroup, #homebuyerexperts, #mortgagerates #mortgagenews # mortgage