Mortgage Application Rates Keep Falling
May 1, 2019
Mortgage applications fell for the fourth straight week, according to new data from the Mortgage Bankers Association (MBA) for the week ending April 26.
The Market Composite Index dropped by 4.3 percent on a seasonally adjusted basis from one week earlier while the unadjusted index was down by four percent. The seasonally adjusted Purchase Index decreased by four percent from one week earlier and the unadjusted index took three percent hit, although it was also one percent higher than the same week one year ago. The unadjusted Refinance Index fell by five percent and the refinance share of mortgage activity decreased to 38.8 percent of total applications from 39.4 percent the previous week.
Among the federal programs, the FHA share of total applications decreased to 9.5 percent from 9.9 percent the week prior and the VA share of total applications decreased to 10.9 percent from 11.3 percent while the USDA share of total applications remained unchanged from 0.6 percent.
"Mortgage rates were lower last week, with the 30-year fixed rate declining to 4.42 percent, as concerns over global growth, particularly in Germany, outweighed more positive domestic news on first quarter GDP growth and business investment," said Joel Kan, MBA Associate Vice President of Economic and Industry Forecasting. "Applications to refinance and purchase a home both fell, but purchase activity still remained slightly above year ago levels. The drop in refinances were driven by fewer FHA and VA loan applications, which typically lag the movement of conventional loans."
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