Mortgage Application Activity Flat
It was a slow week for home loans, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending March 2.
The Market Composite Index, a measure of mortgage loan application volume, squeaked up by a bare 0.3 percent on a seasonally adjusted basis, although it was up 13 percent on an unadjusted basis. The seasonally adjusted Purchase Index dropped by one percent from one week earlier, but the unadjusted Purchase Index was up 13 percent compared with the previous week and was one percent higher than the same week one year ago. The Refinance Index increased two percent from the previous week and the refinance share of mortgage activity remained unchanged from the previous week at 41.8 percent of total applications.
Among the federal programs, the FHA share of total applications decreased to 10.1 percent from 10.3 percent the week prior and the VA share of total applications decreased to 9.9 percent from 10.7 percent, while the USDA share of total applications increased to 0.9 percent from 0.8 percent.