Mortgage Applications Take an Upturn

Mortgage applications were on the rise in the latest data from Mortgage Bankers Association covering the week for the ending Aug. 17.

 

The Market Composite Index rose by 4.2 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index was three percent higher than the previous week. The seasonally adjusted Purchase Index increased three percent from one week earlier and the unadjusted index was one percent higher—the latter was also one percent higher than the same week one year ago. The Refinance Index took a six percent upturn from the previous week and the refinance share of mortgage activity increased to 38.7 percent of total applications from 37.6 percent the previous week.

 

All three federal programs reported declines: The FHA share of total applications decreased to 10.2 percent from 10.4 percent the week prior, the VA share of total applications dipped to 10.5 percent from 10.6 percent and the USDA share of total applications dropped to 0.7 percent from 0.8 percent.

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