Mortgage Apps Flat (Again)

Mortgage Apps Flat (Again)

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

At FREEandCLEAR, we follow the Mortgage Bankers’ Association (MBA) mortgage applications index which measures both purchase and refinance applications for mortgage lenders across the country.  An increase in the MBA applications index reflects an increase in mortgage applications while a decrease in the index reflects a decline in mortgage applications.

The mortgage applications index remained relatively flat for the second week in a row.  For the week ended July 24th purchase applications held steady, dropping 0.1% after increasing 1.0% the prior week.  Refinance applications increased a modest 2.0% after decreasing a modest 1.0% the prior week.  The composite applications index, which includes both purchase mortgages and refinancings, increased 0.8% on the week after inching up 0.1% the prior week.  In positive news for borrowers, mortgage rates dipped with the average interest rate for conforming loans (mortgage amount less than $417,000) sliding to 4.17% as compared to 4.23% for the prior week.  (Source: Bloomberg)

What it Means for Mortgage Borrowers

After some pretty wild gyrations over the course of the first half of the year, mortgage application activity was relatively calm to close out July.  Steady application activity and a drop in interest rates are both positive developments for borrowers.  If you have been thinking about refinancing now may be a good time to start the process.  Use our Refinance Calculator to determine how much money you can save by refinancing your mortgage.  If you are a prospective home buyer you should consider taking advantage of lower interest rates to make your move.  Use our Mortgage Qualification Calculator to determine what size mortgage and home you can afford based on today’s mortgage rates.

The FREEandCLEAR Mortgage Expert


Current Mortgage Rates in Ashburn, Virginia as of April 16, 2021
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
About the author
Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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