Mortgage Applications Up Three Percent

Aug 09, 2017

Mortgage applications for new home purchases in August rose by seven percent from July and were up 6.8 percent compared to August 2016

The mortgage market in August got off to a promising start, according to new data from the Mortgage Bankers Association (MBA).

The Market Composite Index increased three percent on both a seasonally adjusted and unadjusted basis in the week ending Aug. 4. The seasonally adjusted Purchase Index increased by one percent from one week earlier, while the unadjusted Purchase Index increased 0.3 percent and was seven percent higher than the same week one year ago. The Refinance Index bumped up by five percent and the refinance share of mortgage activity increased to 46.7 percent of total applications from 45.5 percent the previous week.

Among the federal programs, 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 increased to 10.7 percent from 10.1 percent and the USDA share of total applications remained unchanged from the week prior at 0.8 percent.

About the author

Phil Hall

Link copied

Published

Aug 09, 2017

Analysis and Data

It's A Buyers' Market In Texas And Florida!!!

Redfin says sellers are cutting their asking prices in the two southern states.

Two states in particular are experiencing a ballooning supply of homes for sale this spring, paired with modest price cuts to entice buyers. A new report from Redfin indicates that housing supply is surging in Florida and Texas, and sellers are cutting their asking prices...

Analysis and Data

Pending Home Sales Climbed 3.4% In March

National Association of Realtors reports gains in Northeast, South and West, with a slight drop in the Midwest

Homes under contract are rising at a cautiously hopeful pace this spring. The National Association of Realtors’ Pending home Sales Index climbed 3.4% in March, increasing to 78.2. Year-over-year, pending transactions were up 0.1%. “March's Pending Home Sales Index – at...