Mixed Results in Mortgage Applications Survey

May 03, 2017

More people are seeking out mortgage applications, according to Mortgage Bankers Association (MBA) data for the week ending March 22

Purchase activity was up, but refinancing was down in the latest Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey for the week ending April 28.

The Market Composite Index dipped by a scant 0.1 percent on a seasonally adjusted basis but increased by one percent on an unadjusted basis. The seasonally adjusted Purchase Index was up by four percent from one week earlier and the unadjusted index was up by five percent on both a week-over-week and year-over-year measurement. But the Refinance Index decreased by five percent while the refinance share of mortgage activity decreased to 41.6 percent of total applications from 44 percent the previous week.

Among the federal programs, the FHA share of total applications increased to 10.4 percent from 10.0 percent the week prior while the VA share of total applications decreased to 10.8 percent from 10.9 percent and the USDA share of total applications remained unchanged at 0.8 percent.

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Phil Hall

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May 03, 2017

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