Mortgage Application Rates Down for Sixth Week

May 16, 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 rates took a slide for the sixth consecutive week, according to data from the Mortgage Bankers Association (MBA) covering the week ending May 11.

The Market Composite Index was down 2.7 percent on a seasonally adjusted basis and down three percent on an unadjusted basis. The seasonally adjusted index fell by two percent compared to the previous week and was also down by two percent on an unadjusted basis, although it was also four percent higher than one year ago. The refinance index fell four percent and the refinance share fell week-over-week from 36.3 percent to 35.9 percent, its lowest level since August 2008.

Among the federal programs, the FHA share of total applications increased to 10.3 percent from 10.1 percent the week prior while the VA share of total applications decreased to 10.3 percent from 10.4 percent and the USDA share of total applications increased to 0.8 percent from 0.7 percent.

"Treasury rates increased very slightly over the week, as the general sentiment was that inflation in April was not as strong as expected, despite a solid economic outlook," said MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

About the author

Phil Hall

Link copied

Published

May 16, 2018

Analysis and Data

One-Third Of Homeowners Expect To Refinance Despite Elevated Mortgage Rates

Many prospective refinancers carry mortgage rates above 5%, suggesting demand could accelerate if borrowing costs decline

One-third of homeowners say they are either currently refinancing or likely to refinance within the next two years, despite mortgage rates remaining well above pandemic-era lows, according to new survey data released by Refi.com.The findings challenge a common industry narra...

C-Suite Strategies

Two Harbors Reaffirms August Closing Timeline For CrossCountry Deal

MSR-focused REIT says it will continue regular dividends through closing as the proposed sale advances following UWM's decision not to submit a revised bid

Two Harbors Investment Corp. used its latest dividend announcement to reaffirm expectations that its pending sale to CrossCountry Mortgage remains on track for an August closing.The mortgage servicing rights (MSR)-focused real estate investment trust said it plans to continu...

Sep

San Francisco, CA

More from

Industry News

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power