Mortgage Applications Up 4.1 Percent

Jan 17, 2018

More people were in pursuit of home loans last week, according to the latest Mortgage Bankers Association’s Weekly Mortgage Applications Survey.

The Market Composite Index increased 4.1 percent on a seasonally adjusted basis during the week ending Jan. 12 compared to one week earlier. On an unadjusted basis, the index shot up by 32 percent compared with the previous week.
The seasonally adjusted Purchase Index increased three percent from one week earlier while the unadjusted index soared by 35 percent compared with the previous week and was seven percent higher than the same week one year ago. The Refinance Index increased four percent from the previous week, but the refinance share of mortgage activity decreased to 52.2 percent of total applications from 52.9 percent the previous week.

Among the federal programs, the FHA share of total applications increased to 11.7 percent from 11.1 percent the week prior while the VA share of total applications decreased to 10.7 percent from 11.4 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 17, 2018

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