Desultory Data on the Mortgage Applications Front

It was a mostly puny week for home loan activity, according to the Mortgage Bankers Association Weekly Mortgage Applications Survey for the week ending June 16.

 

The Market Composite Index saw a scant 0.6 percent uptick on a seasonally adjusted basis from one week earlier, while the unadjusted index saw an equally scant 0.4 percent downturn. The seasonally adjusted Purchase Index dropped by percent from one week earlier while the unadjusted index fell by two percent—although it was nine percent higher than the same week one year ago. The Refinance Index was a bit more robust, with a two 2 percent rise from the previous week to its highest level since November 2016. The refinance share of mortgage activity increased to 46.6 percent of total applications from 45.4 percent the previous week. 

 

All three of the major federal home loan programs recorded declines: the FHA share of total applications decreased to 10.1 percent from 11.2 percent, the VA share of total applications decreased to 10.4 percent from 11.1 percent, and the USDA share of total applications decreased to 0.7 percent from 0.8 percent the week prior.