Mortgage Applications Down 6.2 Percent

The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 23 found a market where there was relatively little interest in new home loans and refinancing.

 

The Market Composite Index dropped by 6.2 percent on a seasonally adjusted basis and by seven percent on an unadjusted basis. The seasonally adjusted Purchase Index took a four percent spill from one week earlier and the unadjusted Purchase Index decreased by five percent—although the latter was eight percent higher than the same week one year ago. The Refinance Index was down by nine percent from the previous week and the refinance share of mortgage activity decreased to 45.6 percent of total applications from 46.6 percent the previous week.

 

Among the federal programs, the FHA share of total applications increased to 10.3 percent from 10.1 percent the week prior, while the VA share of total applications decreased to 10.3 percent from 10.4 percent the week prior and the USDA share of total applications remained unchanged at 0.7 percent.

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