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Mortgage Applications Take an Uptick

Phil Hall
Sep 26, 2018
Ginnie Mae has announced that it had approved the inclusion of a servicing advance financing facility under its Acknowledgment Agreement program

More people were on the hunt for home loans, according to data from the Mortgage Bankers Association (MBA) for the week ending Sept. 21.
The Market Composite Index was up by 2.9 percent on a seasonally adjusted basis from one week earlier, while the unadjusted index was two percent higher. The seasonally adjusted Purchase Index increased three percent from one week earlier and the unadjusted index was two percent higher—the latter was also four percent above the level set during the same week one year ago. The Refinance Index increased three percent from the previous week, while the refinance share of mortgage activity increased to 39.4 percent of total applications from 39 percent in the previous week.
Among the federal programs, the FHA share of total applications decreased to 10.4 percent from 10.6 percent the week prior while the VA share of total applications increased to 10.1 percent from 10 percent and the USDA share of total applications remained unchanged at 0.7 percent.

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