Despite lowering rates, mortgage apps were down in the latest MBA survey
Mortgage applications fell by 4.1% on a seasonally adjusted basis for the week ending May 12, 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, declined by 4% from the week prior. Week over week, the refinance index also decreased by 6%.
The seasonally adjusted purchase index also fell by 3% from the week prior, while the unadjusted purchase index went down by 3% from last week and was 9% higher year over year.
Refi activity went down to 41.1% of total mortgage applications from 41.9% the previous week, hitting its lowest level since September 2008. The adjustable-rate mortgage (ARM) share of total mortgage activity fell to 8.1% of total applications,
The average loan size for purchase applications had a survey high of $322,300.
FHA applications increased to 10.6% of total applications from the prior week’s 10.5%; VA applications went down to 10.7% from 10.8% last week, and USDA applications stayed the same from the week before at 0.8%.
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On an unadjusted basis, the market composite index, which measures mortgage loan application volume, declined by 4% from the week prior. Week over week, the refinance index also decreased by 6%.
The seasonally adjusted purchase index also fell by 3% from the week prior, while the unadjusted purchase index went down by 3% from last week and was 9% higher year over year.
Refi activity went down to 41.1% of total mortgage applications from 41.9% the previous week, hitting its lowest level since September 2008. The adjustable-rate mortgage (ARM) share of total mortgage activity fell to 8.1% of total applications,
The average loan size for purchase applications had a survey high of $322,300.
FHA applications increased to 10.6% of total applications from the prior week’s 10.5%; VA applications went down to 10.7% from 10.8% last week, and USDA applications stayed the same from the week before at 0.8%.
Related stories:
Commercial real estate steady but future is uncertain say leaders
Mortgage applications see uptick in latest survey
