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US mortgage applications slip further

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US mortgage applications slip further

U.S. mortgage applications dipped slightly last week as higher purchase applications nearly offset the drop in refinancings, the Mortgage Bankers Association said.

The MBA's seasonally adjusted market composite index slipped 0.1% in the week ended Aug. 31 from the previous week. On an unadjusted basis, the index dropped 2%.

The refinance index dropped 1%, while the refinance share of mortgage activity increased to 38.9% of total applications from 38.7% a week ago.

The purchase index rebound, adding 0.9% after seasonal adjustments. On an unadjusted basis, the purchase index dropped by 2% compared with the prior week.

"The job market remains quite strong, supporting purchase demand, which is 2 percent higher than last year at this time," said Mike Fratantoni, chief economist at the MBA. "However, home prices, while decelerating, continue to rise faster than household income."