Mortgage banking in today’s environment reminds me of downhill skiing. Lots of danger lurking ahead.
Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending August 12, 2022.
The seasonally adjusted Purchase Index decreased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 18 percent lower than the same week one year ago.
The Refinance Index decreased 5 percent from the previous week and was 82 percent lower than the same week one year ago.
Please bear in mind that we are in the “dog days” of mortgage applications. Purchase applications usually peak in April/May, then it is all down hill until the end of the year.