Mortgage applications creep upward

by Anna Sobrevinas30 May 2017
Mortgage applications increased 4.4% on a seasonally adjusted basis for the week ending May 19, according to the Mortgage Bankers Association's weekly mortgage applications survey.

On an unadjusted basis, the market composite index, which measures mortgage loan application volume, went up 3% from the week prior. Week over week, the refinance index also increased by 11%.

The seasonally adjusted purchase index dropped by a percent from the week prior, while the unadjusted purchase index went down by 2% from the previous week and was 3% higher year over year.

Refi activity rose to 43.9% of total mortgage applications from 41.1% the previous week; the adjustable-rate mortgage (ARM) share of total mortgage activity went up to 8.2% of total applications.

FHA applications increased to 10.8% of total applications from the prior week’s 10.6%; VA applications went down to 10.5% from 10.7% the week prior, and USDA applications stayed the same from the week before at 0.8%.

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New-home mortgage apps fall in April
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