Mortgage Purchase Applications Slip

Mortgage data are increasingly pointing to slowing for home sales. Purchase applications slipped 0.3 percent in the August 19 week and are at a new low for the year. And at 8.0 percent, year-on-year growth is no longer in the double digits. Rates are very low which should be a plus for applications though they did move slightly higher in the latest week, up 3 basis points for conforming loans ($417,000 or lower) to an average 3.67 percent.