Mortgage activity shows little momentum

As the residential sales market shows a summer slow-down, the rate of loan applications is also showing some sluggishness nationwide. Mortgage activity remained relatively flat through the week ending Aug. 6, according to the Mortgage Bankers Association’s weekly mortgage application survey. Total loan application volume increased .6 percent week-over-week on a seasonally adjusted basis, while the refinance index and the purchase index showed increases of .6 percent and .3 percent respectively, during the same time period. The average interest rate on a 30-year fixed-rate mortgage also stayed flat week-over-week, declining just .03 percent to 4.57 percent. TRD