Mortgage applications drop

by Anna Sobrevinas24 Apr 2017
Mortgage applications fell by 1.8% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association's weekly mortgage applications survey.

The survey covered the week ending April 14, but not the adjustment for the Good Friday holiday.

On an unadjusted basis, the market composite index, which covers loan application volume, decreased by 2% compared with the previous week. The refinance index rose 0.2% from last week. The seasonally adjusted purchase index dropped by 3% from a week ago, and the unadjusted purchase index also declined by 3% from the week prior.

Refi activity increased to 42.4% of total mortgage applications from 41.6% the previous week; the adjustable-rate mortgage share of mortgage activity fell to 8.4% of total applications.

FHA applications rose to 11% of total applications from the previous week’s 10.7%; VA applications declined to 11.1% of total applications from the previous week’s 11.3%; and USDA applications stayed the same at 1% or total mortgage applications.

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