Mortgage Applications Declined 3.9% for Week Ending July 26, 2024

Washington, DC, July 31, 2024--Mortgage applications decreased 3.9% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending July 26, 2024.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4% compared with the previous week.

The Refinance Index decreased 7% from the previous week and was 32% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 14% lower than the same week one year ago.

"Mortgage rates were little changed last week, with the 30-year fixed mortgage rate unchanged at 6.82 percent," says Mike Fratantoni, MBA's SVP and chief economist. "In recent weeks, there have been some small bursts of refinance activity, particularly for FHA and VA loans. Last week, VA refi application volume dropped sharply, which drove the aggregate result. Borrowers may be waiting for signs that mortgage rates will drift lower as the Federal Reserve begins to cut short-term rates. Purchase volume also dropped slightly because of ongoing affordability challenges.”