Mortgage applications on the rise again

by Anna Sobrevinas01 May 2017
Mortgage applications rose 2.7% last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association's weekly mortgage applications survey.

On an unadjusted basis, the market composite index increased by 3% compared with the previous week; the refinance index also rose by 7%, while the seasonally adjusted purchase index dropped by 1%. The unadjusted purchase index rose by a percent compared with the week prior, and year-over-year was 0.4% higher.

Refi activity increased to 44% of total mortgage applications from 42.4% the previous week; adjustable-rate mortgage rose to 8.7% of total applications – the highest since September 2016 – and the average loan size for purchase applications was $266,900.

Meanwhile, FHA applications declined to 10% from the prior week’s 11%; VA applications also declined to 10.9% this week from last week’s 11.1%; and USDA applications dropped to 0.8% from last week’s 1%.

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