The number of applications to secure a purchase mortgage loan for an existing home in the U.S., which dropped back down to a 28-year low earlier this month, ticked down another 2 percent over the past week and was down 27 percent on a year-over-year basis, based on application data from the Mortgage Bankers Association.

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  1. UPDATE: Mortgage application volume “grounded to a halt” last week, with the average 30-year mortgage rate nearing 7.5 percent and purchase mortgage activity dropping another 6 percent to its lowest level since 1995, none of which should catch any plugged-in readers by surprise.

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