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Mortgage applications decreased for the week ending July 16, according to the latest Weekly Mortgage Application Survey from the Mortgage Banker’s Association (MBA).

The details:

– The Market Composite Index decreased 4% on a seasonally adjusted basis compared to the preview week.

– Unadjusted, the index increased 20% compared to the previous week.

– The Refinance Index decreased 3% from the previous week and 18% YoY.

– Unadjusted, the Purchase Index increased 17% compared to the previous week, and decreased 18% YoY.

The takeaway:

“The 10-year Treasury yield dropped sharply last week, in part due to investors becoming more concerned about the spread of COVID variants and their impact on global economic growth. There were mixed changes in mortgage rates as a result, with the 30-year fixed rate increasing slightly to 3.11% after two weeks of declines. Other surveyed rates moved lower, with the 15-year fixed rate loan, used by around 20% of refinance borrowers, decreasing to 2.46%—the lowest level since January 2021,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting.

“On a seasonally adjusted basis compared to the July 4 holiday week, mortgage applications were lower across the board, with purchase applications back to near their lowest levels since May 2020,” added Kan. “Limited inventory and higher prices are keeping some prospective homebuyers out of the market. Refinance activity fell over the week, but because rates have stayed relatively low, the pace of applications was close to its highest level since early May.”

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