Mortgage application volume has fallen to its lowest level since mid-July, according to data from the Mortgage Bankers Association’s survey for the week ending September 03.
MBA’s Market Composite Index dropped 1.9% on a seasonally adjusted basis from last week and was down 3% on an unadjusted basis. The Refinance Index posted a 3% decrease from the previous week, and the Purchase Index dipped 0.2%.
“Refinance volume has been moderating, while purchase volume continues to be lower than expected given the lack of homes on the market,” said MBA chief economist Mike Fratantoni. “Economic data has sent mixed signals, with slower job growth but a further drop in the unemployment rate in August.”