Slight Increase in Mortgage Applications

More people are seeking out home loans, according to the latest data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 2.

The Market Composite Index increased 0.9 percent on a seasonally adjusted basis from one week earlier, although on an unadjusted basis it decreased by 0.1 percent. The seasonally adjusted Purchase Index increased one percent from one week earlier, but the unadjusted Purchase Index decreased one percent compared with the previous week—although it was seven percent higher than the same week one year ago. The Refinance Index took a one percent uptick while refinance share of mortgage activity increased to 64.0 percent of total applications from 63.5 percent the previous week.

Among the government home loan programs, the FHA and VA shares of total applications decreased by 0.2 percent and 0.6 percent, respectively, to hit levels of 9.5 percent and 11.9 percent, while the USDA share continued to remain stuck at the 0.6 percent level it has held for the past few weeks.