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Mortgage Application Activity Takes a Drop

Phil Hall
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.
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