Mortgage applications dwindled by 2.7% last week on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association's weekly mortgage applications survey. The drop came after three straight weeks of increases.
The MBA’s Market Composite Index, which measures loan application volume, decreased by 2% on an unadjusted basis. The refinance index declined by 3% from the previous week, and the seasonally adjusted purchase index went down by 2% from a week ago. On an unadjusted basis, the purchase index fell by 2% week-over-week, but was 5% higher than the same time in 2016.
Refinance activity decreased to 45.1% of total mortgage applications from 45.6% the week before. The adjustable-rate mortgage share rose to 9% of total applications – the highest since October 2014.
Morning Briefing: Existing home sales ease but remain above last year
Mortgage applications rose by 3.3%