Mortgage applications on an upswing

by Anna Sobrevinas16 Jun 2017
Mortgage applications increased 2.8% on a seasonally adjusted basis for the week ending June 9, while the previous week’s results included an adjustment for Memorial Day, according to the Mortgage Bankers Association's (MBA’s) weekly mortgage applications survey.

On an unadjusted basis, the market composite index, which measures mortgage loan application volume, went up by 27% from the week prior while the refinance index rose 9% from the previous week to its highest level since November.

The seasonally adjusted purchase index dropped 3% from the week prior while the unadjusted purchase index increased by 19% from the previous week. The unadjusted purchase index was 8% higher year over year.

Refi activity also rose to 45.4% of total mortgage applications from 42.1% the previous week. For refi applications, the average loan size reached $274,700 – its highest level since September.

The adjustable-rate mortgage (ARM) share of total mortgage activity remained the same at  7.4% of total applications.

FHA applications increased to 11.2% of total applications from the prior week’s 10.6%; VA applications stayed the same at 11.1% from the previous week, and USDA applications, which remained unchanged at 0.8% from the week before.

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