Mortgage Applications Increase In Latest MBA Weekly Survey

Mortgage applications increased last week, according to the Mortgage Bankers Association's (MBA) Market Composite Index, which grew 1.3%. On an unadjusted basis, the index increased 1.4% compared with the previous week.

The refinance index increased 1.3% from the previous week, and the seasonally adjusted purchase index increased 1.5% from one week earlier. This third straight weekly increase in the purchase index was driven by government purchase applications, which increased 3.4% from last week, while conventional purchase applications were essentially flat, the MBA says.

The refinance share of mortgage activity remained flat at 78% of total applications from the previous week. The adjustable-rate mortgage share of activity decreased to 5.4% from 5.7% of total applications from the previous week.

SOURCE: Mortgage Bankers Association


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