Mortgage Applications Up Slightly

Feb 07, 2018

There was a mild uptick in mortgage applications activity, according to new data from the Mortgage Bankers Association (MBA) covering the week ending Feb. 2.

The Market Composite Index saw a 0.7 percent bump-up on a seasonally adjusted basis from one week earlier, while the unadjusted index was up by four percent. The seasonally adjusted Purchase Index remained unchanged from one week earlier, while the unadjusted increased seven percent compared with the previous week and was eight percent higher than the same week one year ago. The Refinance Index increased one percent from the previous week, but the refinance share of mortgage activity decreased to 46.4 percent of total applications, its lowest level since July 2017, from 47.8 percent the previous week.

Among the federal programs, the FHA share of total applications decreased to 10.4 percent from 10.7 percent the week prior while the VA share of total applications remained unchanged at 10.1 percent and the USDA share of total applications dipped to 0.7 percent from 0.8 percent the week prior.

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Phil Hall

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Feb 07, 2018

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