Mortgage Application Activity Slows
September 20, 2017
The Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 15 found the Market Composite Index down by 9.7 percent on a seasonally adjusted basis from one week earlier. However, on an unadjusted basis, the index increased 12 percent compared with the previous week.
The seasonally adjusted Purchase Index dropped by 11 percent from one week earlier, but the unadjusted index was up by 10 percent and was also two percent higher than the same week one year ago. The Refinance Index dropped by nine percent from the previous week, but the refinance share of mortgage activity increased to 52.1 percent of total applications from 51 percent the previous week.
Among the federal loan programs, the FHA share of total applications remained unchanged at 9.9 percent from the week prior while the VA share of total applications decreased to 10.1 percent from 10.3 percent and the USDA share of total applications remained unchanged at 0.7 percent.
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