Mortgage Application Activity Takes a Drop

Aug 30, 2017

Mortgage applications for new home purchases took a 7.5 percent year-over-year tumble in September

Fewer home loan applications were being originated last week, according to new data from the Mortgage Bankers Association.

The Market Composite Index dropped by 2.3 percent on a seasonally adjusted basis and four percent on an unadjusted basis for the week ending Aug. 25. The seasonally adjusted Purchase Index fell by three percent and the unadjusted Purchase Index fell by five percent, although the latter was four percent higher than the same week one year ago. The Refinance Index dipped by two percent from the previous week, but the refinance share of mortgage activity increased to 49.4 percent of total applications from 48.7 percent the previous week.

The federal program all recorded declines: The FHA share of total applications decreased to 9.7 percent from 10.1 percent the week prior, while the VA share of total applications decreased to 10.0 percent from 10.2 percent and the USDA share of total applications decreased to 0.7 percent from 0.8 percent.

About the author

Phil Hall

Link copied

Published

Aug 30, 2017

Industry News

UWM, UMortgage Under Attack For Alleged Shell Scheme

A report released on April 25 by the hedge-funded media company alleges UWM set up a shell company, UMortgage.

Just weeks after allegations against United Wholesale Mortgage (UWM) were published in an exposé-style report and a class action lawsuit, Hunterbrook Media is once again putting the Michigan lender under the spotlight. On Thursday, the hedge-funded media company published...

Analysis and Data

Homebuying Excitement Is Up Among Veterans

Survey results indicate optimism about housing market among U.S. veterans and service members

Our nation’s heroes are increasingly optimistic about buying homes, new research indicates. The amount of veterans and service members who plan to purchase a home in the next six months was up by 15 percentage points year-over-year, according to the Veterans Homebuying Re...