Mortgage Applications Up 1.4 Percent

July 6, 2017
October witnessed the financial equivalent of a fall harvest for mortgage applications, according to the Mortgage Bankers Association’s (MBA) latest Builder Application Survey
There was upward movement in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 30.
The Market Composite Index was up by 1.4 percent on a seasonally adjusted basis and was also higher by one percent on an unadjusted basis, the Index increased one percent compared with the previous week. Both the seasonally adjusted and unadjusted Purchase Index was up by three percent from one week earlier, and the latter was six percent higher than the same week one year ago. However, the Refinance Index took a 0.4 percent drop from the previous week while the refinance share of mortgage activity decreased to 44.9 percent of total applications from 45.6 percent the previous week.
Among the federal program, the FHA share of total applications decreased to 10.2 percent from 10.3 percent the week prior while the VA share of total applications remained unchanged at 10.3 percent and the USDA share of total applications increased to 0.8 percent from 0.7 percent.