Fewer Mortgage Applications Last Week
June 13, 2018
Mortgage application activity resumed its downward direction in a survey from the Mortgage Bankers Association (MBA) for the week ending June 8.
The Market Composite Index fell by 1.5 percent on a seasonally adjusted basis from one week earlier. However, on an unadjusted basis, the index was up by nine percent compared with the previous week.
Likewise, the seasonally adjusted Purchase Index decreased two percent from one week earlier while the unadjusted index shot up by nine percent. The unadjusted index was 0.2 percent lower than the same week one year ago. The Refinance Index decreased two percent from the previous week and the refinance share of mortgage activity remained unchanged from the previous week at 35.6 percent of total applications.
Among the federal programs, the FHA share of total applications increased to 10.6 percent from 9.7 percent the week prior and the VA share of total applications increased to 10.7 percent from 10.1 percent, while the USDA share of total applications remained unchanged at 0.8 percent.
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