Dreary Week for Mortgage Application Activity

Phil Hall

May 17, 2017

The new data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey was mostly desultory.

The Market Composite Index decreased 4.1 percent on a seasonally adjusted basis and dropped by four percent on an unadjusted basis from one week earlier. On an unadjusted basis, the Index decreased four percent compared with the previous week. Both the seasonally adjusted and the unadjusted Purchase Index dipped by three percent from one week earlier, although the latter was nine percent higher than the same week one year ago. The Refinance Index took a six percent tumble from the previous week as the refinance share of mortgage activity decreased to 41.1 percent of total applications, the lowest level since September 2008, from 41.9 percent the previous week.

Among the federal programs the FHA share of total applications increased to 10.6 percent from 10.5 percent the week prior, but the VA share of total applications decreased to 10.7 percent from 10.8 percent and the USDA share of total applications remained unchanged at 0.8 percent.

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