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.

Most Popular Articles

FHA, VA join Fannie, Freddie in relaxing some standards

With the coronavirus continuing to reshape the face of the country and the economy, the biggest players in the mortgage business are moving to try to make it easier to lend. Last week, it was Fannie and Freddie. Now, it’s the FHA and VA’s turn.

Mar 30, 2020 By

Latest Articles

New York state reverses prohibition on in-person showings, appraisals

New York state announced Wednesday that it will allow those in real estate to resume providing some services, such as in-person showings, appraisals and inspections, something that had been forbidden by New York’s stay-at-home order on March 22.

Apr 01, 2020 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please