There was more activity among prospective homebuyers last week, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey.
The Market Composite Index took a 2.7 percent ascension on a seasonally adjusted basis and a three percent rise on an unadjusted basis from one week earlier. The seasonally adjusted Purchase Index dipped by one percent while the unadjusted Purchase Index saw a scant 0.1 percent increase compared with the previous week; it was also 0.4 percent higher than the same week one year ago. The Refinance Index saw more movement with a seven percent increase from the previous week; the refinance share of mortgage activity increased to 44 percent of total applications from 42.4 percent the previous week while the average loan size for refinance applications increased to $266,900, its highest level since September 2016.
Alas, the federal home loan programs all saw downturns. The FHA share of total applications decreased to 10 percent from 11 percent the week prior, while the VA share of total applications decreased to 10.9 percent from 11.1 percent and the USDA share of total applications decreased to 0.8 percent from one percent.