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.

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Phil Hall

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Sep 05, 2018

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