“Mortgage applications declined for the third week in a row, reaching the lowest level since 2000. Similarly, with most mortgage rates more than two%age points higher than a year ago, demand for refinances continues to plummet, with MBA’s refinance index also falling to a 22-year low,” Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting said. “Purchase activity declined for both conventional and government loans, as the weakening economic outlook, high inflation, and persistent affordability challenges are impacting buyer demand. The decline in recent purchase applications aligns with slower homebuilding activity due to reduced buyer traffic and ongoing building material shortages and higher costs.”
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The Market Composite Index, a measure of mortgage loan application volume, decreased 6.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 17% compared with the previous week. The Refinance Index decreased 4% from the previous week and was 80% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 7% from one week earlier. The unadjusted Purchase Index increased 16% compared with the previous week and was 19% lower than the same week one year ago.
Fulton this month consummated its purchase of Prudential Bancorp and its subsidiary Prudential Bank, based in Philadelphia. Prudential Bancorp shareholders approved the acquisition in June, with more than 98% of votes cast in favor of the deal, Fulton officials previously announced.
By virtue of the deal’s completion, Fulton now operates two banking subsidiaries – Fulton Bank, N.A. and Prudential Bank – until such time as Prudential Bank is merged into Fulton Bank, officials noted. Fulton received approval of its application for the bank merger from the Office of the Comptroller of the Currency on June 13.