Mortgage applications are down again for the week ending July 29, 2016, according to latest weekly report from the Mortgage Bankers Association (MBA).

Total loan apps decreased 3.5% from the previous week. Almost all mortgage categories were down to their lowest levels in months.

For example, refinance applications were down 4%, and the refi share of home loan activity decreased to 60.7% of total applications from 61.1% the previous week.

Purchase loan apps decreased 2% to the lowest level since February 2016, and the government Purchase Index dropped to the lowest level since November 2015.

Adjustable-rate mortgages (ARM) were the same as the previous week with a 4.7% share of total applications.

FHA loan applications were down to 9.4% from 10.1% the previous week, and VA loan apps were up to 12.1% from 11.9%. USDA loan applications increased to 0.7% from 0.6% the week prior.

Erik Sandstrom
LoanSafe's Mortgage Expert

I’m a Senior Loan Officer and LoanSafe mortgage expert. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.