Purchase applications highest since June

by Anna Sobrevinas26 Jan 2017
The week of Martin Luther King Day saw an increase in mortgage applications by 4.0% on a seasonally adjusted basis from the prior week, according to new data from the Mortgage Bankers Association.

The market composite index, which measures loan application volume, declined by 5% on an unadjusted basis, and the refinance index went up by 0.2%.

The purchase index increased by 6% on a seasonally adjusted basis from the prior week, hitting its highest level since June. On an unadjusted basis, the index increased 2% from the prior week and by 0.1% year-over-year.

Refinances decreased to 50.0% of total applications – the lowest since July 2015 – compared to 53.0% from the week before. Adjustable-rate mortgages stayed at 5.7% of total applications.

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