Mortgage Applications Up Three Percent
August 9, 2017
The mortgage market in August got off to a promising start, according to new data from the Mortgage Bankers Association (MBA).
The Market Composite Index increased three percent on both a seasonally adjusted and unadjusted basis in the week ending Aug. 4. The seasonally adjusted Purchase Index increased by one percent from one week earlier, while the unadjusted Purchase Index increased 0.3 percent and was seven percent higher than the same week one year ago. The Refinance Index bumped up by five percent and the refinance share of mortgage activity increased to 46.7 percent of total applications from 45.5 percent the previous week.
Among the federal programs, the FHA share of total applications decreased to 10.2 percent from 10.3 percent the week prior while the VA share of total applications increased to 10.7 percent from 10.1 percent and the USDA share of total applications remained unchanged from the week prior at 0.8 percent.
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