Skip to main content

Mortgage Apps See 7.1 Percent Weekly Dip

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.

 
About the author
Published
Oct 17, 2018
Fannie Mae Implements Notice Of Potential Defect Process To Address Loan Repurchase Risks

Faced with market challenges, Fannie Mae reintroduces a Notice of Potential Defect, allowing lenders a grace period to rectify significant loan issues before repurchase requests, amid calls for broader industry reform.

Feb 29, 2024
Rocket Pro Originate Mortgage Platform To Close; Shifts Focus To Mortgage Brokers

Rocket Pro Originate, a platform serving real estate agents and financial professionals, announces closure.

Feb 28, 2024
United Wholesale Mortgage Reports Fourth Quarter Loss Of $461 Million, But Remains Bullish For 2024

UWM Chairman and CEO Mat Ishbia optimistic despite financial setback, cites operational profitability and broker dominance.

Feb 28, 2024
Condo Prices, Sales Falling In Florida

New regulations and rising insurance costs hold back buyers in six major metros.

Feb 26, 2024
Buyer Beware

Unpriced climate risk the housing market’s bubble in the bloodstream.

Feb 26, 2024
Rocket Companies Reports Decline in Fourth Quarter Revenue, Projects Optimism for Future Growth

Despite revenue dip, mortgage giant sees increase in market share and advances in AI technology.

Feb 22, 2024