Mortgage applications fall after increasing for three consecutive weeks
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Mortgage applications fell for the week ending June 23, ending a three-week growth streak.
Mortgage applications decreased 6.2% from the prior week on a seasonally adjusted basis; on an unadjusted basis, the market composite index, which measures mortgage loan application volume, declined by 7%.
The seasonally adjusted purchase index dropped 4% from the week prior, while the unadjusted purchase index also went down 2% from the previous week and was 8% higher year over year.
Refi activity also saw a decrease last week, to 45.6% of total mortgage applications from 46.6% the previous week; the refi index dropped by 9% from last week.
The adjustable-rate mortgage (ARM) share of total mortgage activity dropped to 7% of total applications.
FHA applications increased to 10.3% of total applications from the prior week’s 10.1%; VA applications dropped to 10.3% from last week’s 10.4%, and USDA applications remained the same at 0.7% from last week.
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Mortgage applications decreased 6.2% from the prior week on a seasonally adjusted basis; on an unadjusted basis, the market composite index, which measures mortgage loan application volume, declined by 7%.
The seasonally adjusted purchase index dropped 4% from the week prior, while the unadjusted purchase index also went down 2% from the previous week and was 8% higher year over year.
Refi activity also saw a decrease last week, to 45.6% of total mortgage applications from 46.6% the previous week; the refi index dropped by 9% from last week.
The adjustable-rate mortgage (ARM) share of total mortgage activity dropped to 7% of total applications.
FHA applications increased to 10.3% of total applications from the prior week’s 10.1%; VA applications dropped to 10.3% from last week’s 10.4%, and USDA applications remained the same at 0.7% from last week.
Related stories:
Mortgage applications increase for third consecutive week
Mortgage credit risk edged higher in first quarter of 2017
