Mortgage Application Levels Up Again

Mortgage Application Levels Up Again

January 24, 2018
An uptick in refinancing helped to boost mortgage applications during the week ending Sept. 27, according to new data from the Mortgage Bankers Association
Mortgage application activity is on the rise, according to the latest data from the Mortgage Bankers Association (MBA) covering the week ending Jan. 19.
The Market Composite Index increased 4.5 percent on a seasonally adjusted basis from one week earlier, although the unadjusted index was down by four percent. The seasonally adjusted Purchase Index increased six percent from one week earlier to its highest level since April 2010, while the unadjusted index was up by two percent compared with the previous week and was seven percent higher than the same week one year ago. The Refinance Index increased one percent from the previous week, but the refinance share of mortgage activity decreased to 49.4 percent of total applications from 52.2 percent the previous week.
Among the federal programs, the FHA share of total applications decreased to 11.4 percent from 11.7 percent the week prior while the VA share of total applications increased to 10.9 percent from 10.7 percent and the USDA share of total applications remained unchanged at 0.8 percent.