Mortgage Application Levels Remain Stagnant

Mortgage Application Levels Remain Stagnant

November 8, 2017
More people are seeking out mortgage applications, according to Mortgage Bankers Association (MBA) data for the week ending March 22
Home loan activity recorded no changes from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Nov. 3.
The Market Composite Index remained unchanged on a seasonally adjusted basis from one week earlier, while the unadjusted index was down by one percent. The seasonally adjusted Purchase Index was up by one percent from one week earlier, but the unadjusted index dropped by two percent—although it was also nine percent higher than the same week one year ago. The Refinance Index saw a one percent decline from the previous week, but the refinance share of mortgage activity increased to 49 percent of total applications from 48.7 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 10.6 percent from 10.4 percent the week prior and the VA share of total applications increased to 10 percent from 9.9 percent, but the USDA share of total applications decreased to 0.7 percent from 0.8 percent.