Mortgage application volume fell mildly for the second straight week, slipping 1.5 percent on a seasonally adjusted basis for the week ending August 15, the MBA said today.
On an unadjusted basis, the home loan index was down 2.6 percent compared to a week earlier and 34.2 percent from a year earlier.
Refinance activity decreased 3.7 percent, purchase apps dipped 0.4 percent, and always-hot government lending increased a mild 0.2 percent.
The refinance share of mortgage activity decreased to 34.8 percent of total application volume, down from 35.2 percent a week before.
One bit of good news was that interest rates improved across the board, with both fixed-rate and adjustable-rate mortgages seeing decent movement.
The traditional 30-year fixed fell to 6.47 percent from 6.57 percent, while the 15-year fell 18 basis points to 5.99 percent.
The one-year ARM decreased to 7.07 percent from 7.15 percent, but obviously still far exceeds its fixed-rate brethren.
The MBA survey, compiled since 1990, covers roughly fifty percent of all retail mortgage originations, including rejected and double applications.
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