On an unadjusted basis, the market composite index, which measures loan application volume, increased by 1% compared with the previous week. Week over week, the refinance index dipped by 5%, while the seasonally adjusted purchase index rose by 4%. The unadjusted purchase index also increased by 5% compared with the week prior, and was 5% higher year over year.
Refi activity dropped to 41.6% of total mortgage applications from 44% the previous week; the adjustable-rate mortgage share of total mortgage activity fell to 8.4% of total applications.
applications increased to 10.4% of total applications from the prior week’s 10%; VA
applications declined to 10.8% this week from last week’s 10.9%; and USDA applications remained the same with 0.8%.
Fraud, defects in mortgage apps hit four-month high
Mortgage applications on the rise again
Mortgage applications dropped by 0.1% on a seasonally adjusted basis for the week ending April 28, according to the Mortgage Bankers Association's weekly mortgage applications survey.