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.
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%.
Mortgage applications drop
Mortgage applications sustain weekly slump
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.