Mixed Results in Latest Mortgage Application Data

The Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending June 3 offered a mixed data picture, with vibrant seasonally adjusted indices and dreary unadjusted indices.

The Market Composite Index increased 9.3 percent on a seasonally adjusted basis from one week earlier, but the unadjusted index decreased 13 percent compared with the previous week. Likewise, the seasonally adjusted Purchase Index increased 12 percent from one week earlier, but the unadjusted index fell 12 percent compared with the previous week and was six percent below the level set during the same week one year ago.

The Refinance Index increased seven percent from the previous week, but the refinance share of mortgage activity decreased to 53.8 percent of total applications from 54.3 percent the previous week. And the mixed picture continued to the government loan programs: The FHA share of total applications increased to 13 percent from 12.5 percent the week prior, but the VA share of total applications fell to 11.5 percent from 12 percent and the USDA share of total applications remained unchanged from 0.7 percent the week prior.