Home loan application volume slid 14.1 percent on a seasonally adjusted basis for the week ending July 25 to fall to its slowest pace since late 2000, according to the latest survey from the MBA.
On an unadjusted basis, the index was off 13.7 percent from one week earlier and a whopping 30.3 percent from the same week a year ago.
Much of the slide could be attributed to a 22.9 percent decrease in refinance applications, although purchase apps slipped 7.8 percent and FHA loan apps fell 9.5 percent as well.
The refinance share of mortgage activity fell to just 35.2 percent of total application volume, down from 39.4 percent a week earlier, despite the fact that interest rates improved.
The average 30-year fixed-rate mortgage clocked in at 6.46 percent, down from 6.59 percent, while the 15-year fixed dipped to 5.98 percent from 6.10 percent.
The one-year adjustable-rate mortgage increased nine basis points to 7.25 percent, which may explain why the ARM-share of total applications decreased to just 7.3 percent from 8.5 percent a week prior.
The MBA’s weekly survey covers about 50 percent of all retail mortgage applications.
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