US MBA mortgage applications w.e. 16 August -10.1% vs +16.8% prior

• Prior +16.8%
• Market index 225.8 vs 251.3 prior
• Purchase index 130.6 vs 137.7 prior
• Refinance index 754.4 vs 889.3 prior
• 30-year mortgage rate 6.50% vs 6.54% prior

After the surge in mortgage applications in the week before that, we are seeing things moderate back last week. The surge in activity in the week before owes much to the sharp drop in rates, with it weighing on the average rate of the most popular US home loan once again.

This article was written by Justin Low at www.forexlive.com.