Mortgage Applications Up 3.3 Percent

More people were seeking out home loans last week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

 

The Market Composite Index was up 3.3 percent on a seasonally adjusted basis from one week earlier while the unadjusted index soared by 16 percent. The seasonally adjusted Purchase Index took a two percent upturn from one week earlier while the unadjusted index spiked by 15 percent compared with the previous week and was four percent higher than the same week one year ago. The Refinance Index rose by five percent from the previous week to the highest level since December 2016 while the refinance share of mortgage activity increased to 45.4 percent of total applications from 45.1 percent the previous week.

 

Among the federal programs, the FHA share of total applications decreased to 11.8 percent from 12.3 percent the week prior while the VA share of total applications decreased to 11.6 percent from 11.7 percent and the USDA share of total applications remained unchanged at 0.9 percent.