Skip to main content

Mortgage Applications Activity Remains Flat

Jul 03, 2019
Photo credit: Getty Images/jeremyculpdesign

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.”

 
About the author
Published
Jul 03, 2019
FHFA Approves Freddie Mac's Second Mortgage Pilot

The GSE's limited program will permit cost-effective cash-out refinances

Jun 24, 2024
Former Rocket Mortgage SVP Turned UWM Broker Partner

Zoom Home Lending, headed by former Rocket Mortgage executives, partner with their old wholesale rival, UWM

Jun 20, 2024
Potential For Declining Rates This Summer, Following CPI Report

Norada Real Estate Investments said "rates likely to decline" after the latest CPI report.

Jun 17, 2024
Looking For Change Under Every Couch?

Don’t overlook the obvious – employees have ideas for cost savings, too

Jun 10, 2024
New American Funding Announces New Cash-Offer Program

Similar to Opendoor and Homeward, NAF Cash Maps offers buyers a bidding war advantage

Jun 05, 2024
CFPB Issues Public Inquiry On Junk Fees Affecting Closing Costs

Agency seeks to understand why closing costs are up, who is benefiting, and how costs can be lowered.

May 30, 2024