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The Mortgage Bankers Association released its Weekly Mortgage Applications report today. This economic report tells us whether more people are applying for a first mortgage or refinance last week as compared to the week before it.

Mortgage loan applications declined, according to The Mortgage Bankers Association. For the week ending Aug. 25, the Market Composite Index showed applications overall decreased 0.9 percent on a seasonally adjusted basis from the previous week.

The Purchase Index eased 1.6 percent, but the Refinance Index inched up to 1609.2 from 1608.5 the previous week.

“The narrow gap between the rates on adjustable rate mortgages and fixed-rate programs has influenced many homeowners with ARMs to refinance into a fixed-rate program now, rather than chance adjusting to a higher rate,” said Bob Walters, chief economist of Quicken Loans. “The good news for those looking to buy a home is that long-term rates are still appealing, near historic lows.”

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