Mortgage Applications Down 2.6 Percent
Mortgage application activity was on the decline in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Jan. 26.
The Market Composite Index dropped by 2.6 percent on a seasonally adjusted basis from one week earlier, although the index was up by 12 percent on an unadjusted basis. The seasonally adjusted Purchase Index decreased three percent from one week earlier, but the unadjusted index soared by 15 percent compared with the previous week and was 10 percent higher than the same week one year ago. The Refinance Index decreased three percent from the previous week and the refinance share of mortgage activity decreased to 47.8 percent of total applications, its lowest level since August 2017, from 49.4 percent the previous week.
Among the federal programs, the FHA share of total applications decreased to 10.7 percent from 11.4 percent the week prior and the VA share of total applications decreased to 10.1 percent from 10.9 percent while the USDA share of total applications remained unchanged at 0.8 percent.