Mortgage applications increase for third consecutive week

by Anna Sobrevinas23 Jun 2017
Mortgage applications increased for the third week in a row, according to the latest weekly mortgage applications survey of the Mortgage Bankers Association.

For the week ending June 16, mortgage applications increased 0.6% from the past week on a seasonally adjusted basis; on an unadjusted basis, the market composite index, which measures mortgage loan application volume, declined by 0.4%.

The seasonally adjusted purchase index dropped 1% from the week prior while the unadjusted purchase index went down 2% from the previous week and was 9% higher year over year.

Refi activity also rose to 46.6% of total mortgage applications from 45.4% the previous week; the refi index went up 2% from last week and to its highest level since November last year.

The adjustable-rate mortgage (ARM) share of total mortgage activity increased to 7.5% of total applications.

FHA applications decreased to 10.1% of total applications from the prior week’s 11.2%; VA applications also dropped to 10.4% from last week’s 11.1% and USDA applications declined to 0.7% from 0.8% the week before.

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