Mortgage Purchase And Refincing Applications Fall

After a burst higher on lower mortgage rates, refinancing activity fell back 8.0 percent in the August 23 week while purchase activity remained cool with a second straight 4.0 percent weekly decline. Year-on-year, the purchase index is up only 2.0 percent in what is an unfavorable indication for underlying home sales. Conventional 30-year low loans remain under 4 percent but did rise 4 tenths in the week to an average 3.94 percent.