Skip to main content

Mortgage Apps See 7.1 Percent Weekly Dip

NationalMortgageProfessional.com
Oct 17, 2018
More people are seeking out mortgage applications, according to Mortgage Bankers Association (MBA) data for the week ending March 22

Mortgage applications decreased 7.1 percent from one week earlier, according to the latest Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Oct. 12, 2018.
 
The Market Composite Index, a measure of mortgage loan application volume, decreased 7.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased seven percent compared with the previous week. The Refinance Index decreased nine percent from the previous week. The seasonally adjusted Purchase Index decreased six percent from one week earlier. The unadjusted Purchase Index decreased six percent compared with the previous week and was two percent higher than the same week one year ago.
 
The refinance share of mortgage activity decreased to 38.1 percent of total applications from 39.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 7.1 percent of total applications.
The FHA share of total applications decreased to 10.4 percent from 10.5 percent the week prior. The VA share of total applications increased to 10.4 percent from 10.0 percent the week prior. The USDA share of total applications remained unchanged at 0.8 percent from the week prior.
 
Meanwhile, the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for September 2018, finding that privately owned housing starts in September were at a seasonally-adjusted annual rate of 1,201,000, 5.3 percent below the revised August estimate of 1,268,000, but 3.7 percent September of 2017’s rate of 1,158,000. Single-family housing starts in September were at a rate of 871,000, 0.9 percent below the revised August figure of 879,000. The September rate for units in buildings with five units or more was 324,000.
 
Privately-owned housing completions in September were at a seasonally adjusted annual rate of 1,162,000, 4.1 percent below the revised August estimate of 1,212,000, but seven percent above the September 2017 rate of 1,086,000. Single-family housing completions in September were at a rate of 844,000, 8.7 percent below the revised August rate of 924,000. The September rate for units in buildings with five units or more was 312,000.

 
Published
Oct 17, 2018
loanDepot And mellohome Introduce Home Services Bundle

loanDepot, Inc. and its sister company mellohome are launching a proprietary bundle of home buying and selling services.

Industry News
Jul 30, 2021
Gateway Mortgage Surpasses 165 Mortgage Centers With 10 New Additions

Gateway Mortgage reported significant growth in the company, prompting it to open 10 new locations across Colorado, Idaho, Oklahoma, Texas, Oregon, and Wyoming.

Industry News
Jul 30, 2021
FHFA Requires 30-Day Notice Prior To Eviction

Wednesday, the Federal Housing Finance Agency (FHFA) announced that tenants of multi-family properties must be given 30 days notice to vacate before the tenant is required to leave the premise.

Industry News
Jul 29, 2021
Houston-Based Stewart Acquires Title First Agency

Ohio-Based Agency Has 20 Offices And Operates in 32 States

Industry News
Jul 28, 2021
Planet Home Lending Reports Total Origination Volume Of $6.8B In Q2 2021

Planet Home Lending's total origination volume reached $6.8 billion in Q2 2021, up 77% from $3.9 billion in Q2 2020.

Industry News
Jul 22, 2021
FHFA Ends Controversial Refinance Fee

The FHFA announced that Fannie Mae and Freddie Mac will eliminate the Adverse Market Refinance Fee for loan deliveries, starting August 1, 2021.

Analysis and Data
Jul 19, 2021