Mortgage Apps: Activity Holing Up In Summer Selling Season

July 31, 2019
Bottom Line: Applications for both purchases and refinancing were slower in the last two full weeks of July. While seasonal volatility will likely continue for a few more weeks, the overall level of mortgage activity has held up well this summer, suggesting housing activity stabilized and possibly even turned higher. Mortgage activity is well off the lows seen when mortgage rates were much higher late last year and is nearly back to levels last seen in the 1st Half of 2016. The MBA Mortgage Applications Index FELL by 1.4% during the week ended July 26 to 484.0, modestly above its 13 week average of 472.9 and 37.1% ABOVE its year ago level. The Purchase Index FELL by 3.0% to 253.0, modestly below its 13 week average of 265.5 but 6.3% ABOVE its year ago level. The Refinance Index ROSE by 0.1% to 1,791. Despite this increase, refinancing activity is moderately above its 13 week average of 1,640 and 84.4% ABOVE its year ago level. Contract Mortgage Rates were MIXED with the 30-year fixed rate unchanged at 4.08% and with the 15-year fixed rate increasing by 3 bps to 3.48%.