Mortgage Application Activity Takes a Drop

Aug 30, 2017

Mortgage applications for new home purchases took a 7.5 percent year-over-year tumble in September

Fewer home loan applications were being originated last week, according to new data from the Mortgage Bankers Association.

The Market Composite Index dropped by 2.3 percent on a seasonally adjusted basis and four percent on an unadjusted basis for the week ending Aug. 25. The seasonally adjusted Purchase Index fell by three percent and the unadjusted Purchase Index fell by five percent, although the latter was four percent higher than the same week one year ago. The Refinance Index dipped by two percent from the previous week, but the refinance share of mortgage activity increased to 49.4 percent of total applications from 48.7 percent the previous week.

The federal program all recorded declines: The FHA share of total applications decreased to 9.7 percent from 10.1 percent the week prior, while the VA share of total applications decreased to 10.0 percent from 10.2 percent and the USDA share of total applications decreased to 0.7 percent from 0.8 percent.

About the author

Phil Hall

Link copied

Published

Aug 30, 2017

Operations

MBA Expands CONVERGENCE With New Knowledge Hub For Lenders

iEmergent-powered dashboard gives mortgage professionals local market insights on demographics, affordability, and homeownership trends

The Mortgage Bankers Association's (MBA) CONVERGENCE initiative has expanded with the launch of the CONVERGENCE Knowledge Hub, a new online resource designed to help lenders, nonprofit organizations, housing counselors, real estate professionals, and community leaders expand...

People On The Move

Click n' Close Appoints Merv Govender As Chief Information Officer

Veteran technology executive brings nearly three decades of leadership in banking, gaming, and healthcare to oversee AI, cybersecurity, and technology strategy

Click n' Close has appointed Merv Govender as its new chief information officer, adding a technology executive with nearly three decades of experience leading digital transformation initiatives across banking, gaming, and healthcare.In his new role, Govender will oversee the...

Aug

Las Vegas, NV

More from

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News

Jun 24, 2026

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power