MBA – “Purchase market continues to experience a slowdown”

Mortgage application volumes inched upward for the week ending August 5 but remained “relatively flat,” according to the Mortgage Bankers Association.

Data from MBA’s latest weekly survey showed a 0.2% week-over-week uptick in its Market Composite Index, a measure of loan application volume. On an unadjusted basis, however, the index was down 0.3% compared to the previous week.

“Mortgage rates remained volatile last week – after drops in the previous two weeks, mortgage rates ended up rising four basis points,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Mortgage applications were relatively flat, with a decline in purchase activity offset by an increase in refinance applications.”