Refinance activity hit its lowest level in nearly a decade
Mortgage applications dropped 0.8% on a seasonally adjusted basis from the previous week, according to the Mortgage Bankers Association's weekly mortgage applications survey.
On an unadjusted basis, the MBA’s Market Composite Index decreased by 0.4% compared with the previous week; the refinance index dipped 3% from last week and the seasonally adjusted purchase index rose by 1% from a week ago.The unadjusted purchase index rose 2% from the week prior and year-over-year was 4% higher.
Refi activity also decreased to 44% of total mortgage applications – the lowest since October 2008 – from 45.1% a week ago; adjustable-rate mortgage also dipped to 8.5% of total applications.
Meanwhile, FHA applications declined to 10.8% from the prior week’s 10.9%; VA applications rose, with 11% from the prior week’s 10.1%; and USDA applications increased to 1% from the prior week’s 0.9%.
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