Mortgage Applications Activity Remains Flat
July 3, 2019
Mortgage application activity recorded relatively little movement in the Mortgage Bankers Association’s latest data report for the week ending June 28.
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 0.3 percent. Both the seasonally adjusted and the unadjusted Purchase Index were up one percent from one week earlier–the latter was also 10 percent higher than the same week one year ago–but the Refinance Index was down one percent and the refinance share of mortgage activity decreased to 51 percent of total applications from 51.5 percent the previous week.
Among the federal programs, the FHA share of total applications increased to 10.1 percent from 9.6 percent the week prior and the VA share of total applications increased to 12.8 percent from 12.5 percent, while the USDA share of total applications remained unchanged at 0.6 percent.
“Purchase applications picked up slightly last week, as conventional and government activity were each up around one percent. Furthermore, in continuation of the gradual growth trend seen throughout the first half of 2019, purchase activity was almost 10 percent higher than a year ago,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “A still-strong job market, improving affordability and lower mortgage rates continue to support growth.”
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