Total mortgage application volume fell 2.3 percent from the previous week, with demand standing at its lowest level in 22 years, after a similar low last month, according to the Mortgage Bankers Association’s seasonally adjusted index for the week ended Aug. 12.
“Mortgage application activity was lower last week, with overall applications declining over 2 percent, to their lowest level since 2000,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting.
Average mortgage rates fell slightly by 5 percent from the previous week, 82 percent lower than the same week one year ago, driven by a 6 percent drop in conventional refinance applications—but it is not enough to encourage a rebound in consumer demand for home loans….