Applications for Purchase Mortgages Rise in Third Straight Week
The total volume of mortgage applications submitted in the week ending July 30 rose a seasonally adjusted 1.3% from the previous week, according to the Mortgage Bankers Association (MBA). At the same time, a separate survey measuring household mortgage application slipped 2.9%. MBA found the volume of applications submitted for purchase mortgages rose 1.5% after the previous week's 2% growth. This third weekly gain was driven by rising interest in mortgages insured by the government (through FHA and VA). Applications for government-insured mortgages rose 3.4% from the week before, while applications for conventional purchase mortgages remained essentially flat. The volume of applications submitted for refinance ticked up 1.3% after falling 5.9% last week. The refinance share of mortgage application activity remained at 78%, level with last week. The Mortgage Maxx index, which adjusts data to reflect the number of households applying for a mortgage, showed household application activity continued to fall, slipping 2.9% after declining 0.9% in the week before. Write to Diana Golobay.