Mortgage Applications Take a Slip

Mortgage application activity slowed down in the latest data released by the Mortgage Bankers Association that covers the week ending Dec. 15.

 

The Market Composite Index was down by 4.9 percent on a seasonally adjusted basis and down by six percent on an unadjusted basis compared with the previous week. The seasonally adjusted Purchase Index was six percent lower from one week earlier and the unadjusted index was lower by nine percent, although the latter was one higher than the same week one year ago. The Refinance Index decreased by three percent from the previous week, but the refinance share of mortgage activity increased to 53.9 percent of total applications, its highest level since December 2016, from 52.4 percent the previous week.

 

Among the federal programs, he FHA share of total applications decreased to 11.3 percent from 11.8 percent the week prior while the VA share of total applications increased to 10.9 percent from 10.3 percent and the USDA share of total applications remained unchanged at 0.7 percent.

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