Mortgage Applications Take a Slight Decline

Inquiries into home loans were on the decline last week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Jan. 27.

 

The Market Composite Index dropped by 3.2 percent on a seasonally adjusted basis from one week earlier, although the unadjusted index increased by 11 percent compared with the previous week. The seasonally adjusted Purchase Index fell six percent, but the unadjusted index increased 12 percent compared with the previous week and was two percent higher than the same week one year ago. The Refinance Index dipped by one percent from the previous week and the refinance share of mortgage activity decreased to 49.4 percent of total applications from 50 percent the previous week.

 

Among the federal programs, the FHA share of total applications decreased to 12.1 percent from 13.6 percent the week prior while the VA share of total applications increased to 12.4 percent from 12.2 percent and the USDA share of total applications remained unchanged at 0.9 percent.