Applications to take out a residential mortgage fell 4.3% for the week ending Aug. 24 as refinancings weakened slightly and the purchase money business gained.
According to new figures compiled by the Mortgage Bankers Association, refi applications continue to dominate the business, accounting for 79% of all submissions compared to 80% the week before.
Lenders continue to report strong volumes but are being careful not to staff up too much in anticipation that business will fall off early next year. Of course, the industry has seen this show before: an expected decline in applications, only to see rates fall even more.
According to preliminary figures compiled by National Mortgage News and the
For the week, lenders were offering 30-year fixed-rate conventional loans at 3.80%, down from 3.86% the week before. Points remained unchanged at 42 basis points.
The trade group’s figures are seasonally adjusted and reflect a proprietary index. MBA estimates that its research covers 75% of all residential applications nationwide.
