Hello neighbors,

According to recent reports from the Mortgage Bankers Association (MBA), mortgage loan applications experienced a decline in numbers by 8.9% last week.

The MBA reported a decline in the refinance index for the second consecutive week after a month and a half of consecutive increases with a 10.8% decrease from the week prior.

In addition, the MBA reported a decline of 0.4% with the seasonally adjusted purchase index as well as the unadjusted purchase index with a drop of 21.9% from the week before, and is 39.7% below the previous year's number.

In relation to the four-week moving averages, there was a 0.8% drop in the seasonally adjusted market index and a 2% increase in the purchase index with the refinance index being off by 1.4%.

Lastly, refinancing applications made up 80.5% of all the mortgage applications last week which was actually down from 81.9% a week earlier.