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Mortgage Applications Up 5.1 Percent

Jun 20, 2018
More potential homeowners were checking out home loans, according to new data from the Mortgage Bankers Association for the week ending June 15

More potential homeowners were checking out home loans, according to new data from the Mortgage Bankers Association for the week ending June 15.
 
The Market Composite Index increased by 5.1 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index was up by three percent compared to the previous week. The seasonally adjusted Purchase Index was up four percent from one week earlier and the unadjusted index inched up by one percent compared to the previous week—the latter index was also three percent higher than the same week one year ago. The Refinance Index increased by six percent from the previous week and the refinance share of mortgage activity increased to 36.8 percent of total applications from 35.6 percent the previous week.
 
But there was an across the board decline among the federal programs: The FHA share of total applications decreased to 10.1 percent from 10.6 percent the week prior, the VA share of total applications decreased to 10.2 percent from 10.7 percent and the USDA share of total applications decreased to 0.7 percent from 0.8 percent.
 
"It was a mixed week for rates in MBA's survey," said MBA Associate Vice President of Industry Surveys and Forecasting Joel Kan. "Treasury yields finished the week slightly higher as a hawkish statement from the Federal Open Market Committee and market jitters caused by trade concerns and other geopolitical uncertainty offset each other."

 
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