Mortgage purchasing apps fall to lowest level since 1996

U.S. mortgage loan application volume declined 2.9 percent for the week that ended July 9, including an adjustment for the Independence Day holiday, according to a report from the Mortgage Bankers Association, released today. Both the refinance index and the purchase index fell week-over-week, by 2.9 percent and 3.1 percent respectively, and in doing so, the purchase index reached its lowest point since December 1996, the report says. The share of mortgage activity accounted for by refinancing remained steady week-over-week at 78.7 percent. Meanwhile, interest rates rose slightly, to 4.69 percent from 4.68 percent for the 30-year fixed-rate mortgage and to 4.12 percent from 4.11 percent for its 15-year counterpart. TRD