Mortgage Application Levels Bounce Back With Gusto
December 6, 2017
Prospective homebuyers shook off their Thanksgiving weekend dopamine haze and returned to their lenders’ offices, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Dec. 1.
The Market Composite Index increased by 4.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index skyrocketed by 47 percent compared to the previous week. Similarly, the seasonally adjusted Purchase Index increased by a decent two percent from one week earlier, but the unadjusted index recorded a va-va-voom upswing of 38 percent compared to the previous week—and it was also eight percent higher than the same week one year ago. The Refinance Index increased by nine percent from the previous week, while the refinance share of mortgage activity increased to its highest level since September, 51.6 percent of total applications, from 48.7 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 11.1 percent from 10.8 percent the week prior while the VA share of total applications decreased to 10.7 percent from 11 percent and the USDA share of total applications remained unchanged at 0.8 percent.
"Application volume bounced back after Thanksgiving, with refinance volume increasing on a slight dip in 30-year rates," said MBA Chief Economist Mike Fratantoni. "The refinance share is at its highest level since September. Purchase volume continues to be supported by a strengthening job market."
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