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

Phil Hall

Link copied

Published

Jul 03, 2019

Operations

Fairway Acquires Hallmark Home Mortgage Through Asset Purchase

Hallmark to become new Fairway division, gets access to Fairway's Fairway's product portfolio, tech, and support resources

Fairway Independent Mortgage Corporation, one of the largest retail mortgage lenders in the U.S., has agreed to acquire Hallmark Home Mortgage. Terms of the transaction were not disclosed, but Fairway will purchase “significant assets” of Indiana-based Hallmark, whic...

Regulation and Compliance

Trigger Leads Bill Clears Senate

Final push now left to House; reconciled bill needed next

The U.S. Senate has passed the Homebuyers Privacy Protection Act (S. 1467), bringing the mortgage industry one step closer to curbing the controversial use of mortgage trigger leads. The Mortgage Bankers Association (MBA) applauded the June 12 vote, which follows earlier pro...