Mortgage Applications Tick Upwards
More people have been seeking out home loans, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Feb. 23.
The Market Composite Index was up by 2.7 percent on a seasonally adjusted basis from one week earlier, although the unadjusted index was down by six percent. The seasonally adjusted Purchase Index increased six percent from one week earlier, but the unadjusted Purchase Index dipped by one percent compared with the previous week—although it was also three percent higher than the same week one year ago. The Refinance Index decreased one percent from the previous week and the refinance share of mortgage activity decreased to 41.8 percent of total applications from 44.4 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 10.3 percent from 9.9 percent the week prior and the VA share of total applications increased to 10.7 percent from 10 percent, while the USDA share of total applications remained unchanged at 0.8 percent.