Application Volume Declines in Latest Survey
The Mortgage Bankers Association (MBA) reports that for the week ending July 28, "The Market Composite Index, a measure of mortgage loan application volume, was 527.6, a decrease of 1.2 percent on a seasonally adjusted basis from 533.8 one week earlier. This is the lowest that the index has been since May 2002. On an unadjusted basis, the Index decreased 1.4 percent compared with the previous week but was down 29.0 percent compared with the same week one year earlier."
To read more: July 28 Mortgage Loan Application Volume