Mortgage applications dropped in the MBA’s latest survey
Mortgage applications decreased 3.4% on a seasonally adjusted basis for the week ending May 26, according to the Mortgage Bankers Association's weekly mortgage applications survey.
On an unadjusted basis, the market composite index, which measures mortgage loan application volume, went down by 4% from the week prior. Week over week, the refinance index also decreased by 6%.
The seasonally adjusted purchase index dropped by a percent from the week prior, while the unadjusted purchase index also went down by 3%. The unadjusted purchase index was 7% higher year over year.
Refi activity also declined to 43.2% of total mortgage applications from 43.9% the previous week; the adjustable-rate mortgage (ARM) share of total mortgage activity dropped to 7.7% of total applications.
FHA applications decreased to 10.5% of total applications from the prior week’s 10.8%; meanwhile VA applications rose to 10.8% from 10.5% the previous week and USDA applications stayed the same from the week before at 0.8%.
Related stories:
Mortgage applications creep upward
New-home mortgage apps fall in April
On an unadjusted basis, the market composite index, which measures mortgage loan application volume, went down by 4% from the week prior. Week over week, the refinance index also decreased by 6%.
The seasonally adjusted purchase index dropped by a percent from the week prior, while the unadjusted purchase index also went down by 3%. The unadjusted purchase index was 7% higher year over year.
Refi activity also declined to 43.2% of total mortgage applications from 43.9% the previous week; the adjustable-rate mortgage (ARM) share of total mortgage activity dropped to 7.7% of total applications.
FHA applications decreased to 10.5% of total applications from the prior week’s 10.8%; meanwhile VA applications rose to 10.8% from 10.5% the previous week and USDA applications stayed the same from the week before at 0.8%.
Related stories:
Mortgage applications creep upward
New-home mortgage apps fall in April
