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Mortgage Purchase Applications Up Slightly, While Refinance Apps Drop

The Mortgage Bankers Association released its weekly application survey today, which showed applications last week remaining essentially unchanged:

The Market Composite Index, a measure of mortgage loan application volume, was 619.4, an increase of 0.1 percent on a seasonally adjusted basis from 618.6 one week earlier. On an unadjusted basis, the Index decreased 0.1 percent compared with the previous week and was up 9.7 percent compared with the same week one year earlier. The Refinance Index decreased 2.6 percent to 1687.2 from 1731.6 the previous week and the seasonally adjusted Purchase Index increased 2.0 percent to 437.3 from 428.9 one week earlier. The seasonally adjusted Conventional Index decreased 0.2 percent to 907.2 from 909.2 the previous week, and the seasonally adjusted Government Index increased 4.1 percent to 139.5 from 134.0 the previous week.

Refinance share of mortgage activity decreased to 37.8 percent of total applications from 38.7 percent the previous week, the MBA said. The adjustable-rate mortgage (ARM) share of activity continued to increase, heading to 21.0 percent from 20.4 percent of total applications one week earlier.

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