Mortgage Apps: Purchase Applications Slide Again

Bottom Line: With 30-year mortgage rates continuing to hold above 4.75%, according to the MBA survey of realtors, purchase applications fell again as the summer selling season enters its later stages. On a trend basis overall applications continued to fall, accelerating lower as purchase applications slid after a modest rebound in the spring and refinancing applications fell even further. The MBA Mortgage Applications Index FELL by 0.2% during the week ended July 20 to 362.4, modestly below its 13 week average of 371.0 and 13.4% BELOW its year ago level. The Purchase Index FELL by 1.0% to 245.5, modestly below its 13 week average of 251.1 but 2.2% ABOVE its year ago level. The Refinance Index ROSE by 0.9% to 989. Despite this increase, refinancing activity is modestly below its 13 week average of 1,018 and 30.1% BELOW its year ago level. Contract Mortgage Rates were MIXED with the 30-year fixed rate unchanged at 4.77% and with the 15-year fixed rate increasing by 1 bp to 4.23%.