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Mortgage application activity was slower last week, according to new data from the Mortgage Bankers Association (MBA).
The Market Composite Index decreased 2.8 percent on a seasonally adjusted basis in the week ending July 28 compared to one week earlier. On an unadjusted basis, the Index decreased three percent compared with the previous week. The seasonally adjusted Purchase Index dropped by two percent from one week earlier to its lowest level since March 2017. The unadjusted Purchase Index was also down by two percent, but it was nine percent higher than the same week one year ago. The Refinance Index slipped by four percent from the previous week and the refinance share of mortgage activity decreased to 45.5 percent of total applications from 46 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 10.3 percent from 10.2 percent the week prior while the VA share of total applications decreased to 10.1 percent from 10.5 percent and the USDA share of total applications remained unchanged at 0.8 percent.
