Mortgage Applications Fell 4% Last Week

Washington, DC, August 18, 2016—Mortgage applications decreased 4.0% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 12.

The Market Composite Index, a measure of mortgage loan application volume, decreased 4.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5% compared with the previous week. 

The Refinance Index decreased 4% from the previous week. 

The seasonally adjusted Purchase Index decreased 4% from one week earlier to the lowest level since February 2016, but remained 10% higher than the same week last year. The unadjusted Purchase Index decreased 5% compared with the previous week.

The refinance share of mortgage activity increased to 62.6% of total applications from 62.4% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.6% of total applications.