Mortgage Applications Up, Valuation Opinions Too Rosy
September 13, 2017
The Mortgage Bankers Association’s Market Composite Index increased week-over-week by 9.9 percent on a seasonally adjusted basis for the week ending Sept. 8. However, on an unadjusted basis, the index dropped by 13 percent. The seasonally adjusted Purchase Index increased 11 percent from one week earlier, but the unadjusted Purchase Index was down by 13 percent—although it was seven percent higher than the same week one year ago. The Refinance Index saw a nine percent surge from the previous week while the refinance share of mortgage activity increased to 51 percent of total applications from 50.9 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 9.9 percent from 9.6 percent the week prior and the VA share of total applications increased to 10.3 percent from 9.7, but the The USDA share of total applications remained unchanged at 0.7 percent.
While more people were applying for mortgages, homeowners continued to be too optimistic about their anticipated home values, according to new data from Quicken Loans. The Detroit-based lender’s Home Price Perception Index found appraised values in August were 1.35 percent lower than what homeowners estimated, while home values last month rose 0.19 percent nationally from July and were up 2.64 percent year-over-year increase.
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