Purchase Apps Up, Refi Apps Down

October 4, 2017
Average mortgage rates were down slightly in the latest Freddie Mac data
There was more activity in the purchase market than the refinance market, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Sept. 29.
The Market Composite Index dipped by 0.4 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index was down by one percent. Both the seasonally adjusted and unadjusted Purchase Index were up by one percent from the previous week, while the latter was five percent higher than the same week one year ago. The refinance index was down by two percent and the refinance share of mortgage activity decreased to 50.1 percent of total applications from 50.8 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 10 percent from 9.6 percent the week prior, while the VA share of total applications remained unchanged at 10 percent and the USDA share of total applications increased to 0.8 percent from 0.7 percent.