Minimal Movement in Mortgage Applications

Sep 05, 2018

Mortgage application activity was mostly stagnant, according to data from the Mortgage Bankers Association (MBA) for the week ending Aug. 31.

The Market Composite Index dipped by a scant 0.1 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index was down by two percent. The seasonally adjusted Purchase Index increased one percent from one week earlier, but the unadjusted index was two percent lower—although the latter was also two percent higher than the same week one year ago.

The Refinance Index dropped by one percent from the previous week, but the refinance share of mortgage activity increased to 38.9 percent of total applications from 38.7 percent the previous week.

Among the federal programs, the FHA share of total applications remained unchanged at 10.2 percent from the week prior while the VA share of total applications decreased to 10 percent from 10.5 percent and the USDA share of total applications increased to 0.8 percent from 0.7 percent.

About the author

Phil Hall

Link copied

Published

Sep 05, 2018

Analysis and Data

Mortgage Applications Jump 14.2%

Refinance applications more than double year-over-year

Mortgage applications climbed 14.2% in one week’s time, a byproduct of sinking mortgage rates and further drops anticipated. The Mortgage Bankers Association (MBA) released its Weekly Applications Survey Wednesday, indicating that mortgage loan application volume increase...

Analysis and Data

Existing Home Sales Fell In August, A Trend Expected To Continue

Redfin reported sales of existing homes fell 3.1% year over year in August; Fannie Mae's September 2024 commentary anticipates the annual pace to be the slowest since 1995

Sales of existing homes in August fell 1% from July and 3.1% year over year to a seasonally adjusted annual rate of 4,042,369, according to a new report from Redfin. Those figures mark the slowest pace of existing-home sales in Redfin's records dating back to 2012, except Ma...