Mortgage Purchase Applications And Refinancing Decline

The purchase index fell 4.0 percent in the August 12 week for the fourth decline in five weeks and to the lowest level since February. Year-on-year, the purchase index slipped 3 percentage points but is still well in the plus column at 10 percent. The refinancing index also fell 4.0 percent in the latest week. Rates were lower in the week with the average conforming 30-year loan ($417,000 or less) down 1 basis point to 3.64 percent.