Mortgage Application Rates Start 2018 on the Downside

Jan 03, 2018

The Mortgage Bankers Association (MBA) resumed its tracking of home loan applications after a two-week holiday break.

The Market Composite Index dropped 2.8 percent on a seasonally adjusted basis from two weeks earlier. On an unadjusted basis, the index plummeted by 42 percent compared with two weeks ago.

The seasonally adjusted Purchase Index increased by one percent from two weeks earlier, but the unadjusted index collapsed by 40 percent compared with two weeks ago—although it was three percent higher than the same week one year ago. The Refinance Index decreased seven percent from two weeks ago, but the refinance share of mortgage activity increased to 52.0 percent of total applications from 51.8 percent the previous week.

Among the federal programs, there was plenty of upward movement. The FHA share of total applications increased to 10.4 percent from 10.3 percent the week prior while the VA share of total applications increased to 11.2 percent from 10.6 percent and the USDA share of total applications increased to 0.8 percent from 0.7 percent.

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Phil Hall

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Jan 03, 2018

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