The Mortgage Banker Association reported a decline in the number of mortgage applications last week. This is according to the MBA’s Weekly Mortgage Application Survey done ending May 26, 2017 (Friday).
The number of mortgage applications is fluctuating week after week. The recent survey showed a 3.4 percent dip from a week earlier. The other week, there was an increase in the number of applications equivalent to a 4.4 percent. A week before that, a 4.1 percent drop in the applications was observed.
The Breakdown
Federal Housing Administration (FHA)
FHA’s application also experienced a fall. A slight drop of 0.3 percent took the numbers down to 10.5 percent in the total applications from a 10.8 percent a week prior.
The U.S. Department of Agriculture (USDA)
Unlike the FHA, the share of applications streaming from the housing financing programs of the USDA remained unchanged. It stayed stagnant at 0.8 percent from last week.
Veteran Affairs (VA)
Mortgage Application activity is rising in the VA. Its share of applications totaled to 10.8 percent. That conveys an increase of 0.05 percent on a week-over-week basis.
These three government agencies are the leading offices that provide modest, decent, clean and safe dwelling for Americans. Most of their housing programs cater to the low- to moderate-income families who wish to have a home of their own.
Both the Refinance Index and the Seasonally Adjusted Purchase Index went down from the week prior. Both dipped 6 percent and 1 percent, respectively.
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The number of mortgage applications and its activity trends indicates how the U.S. housing market is fairing. The Weekly Applications Survey of the MBA gives its consumers a complete study about the mortgage loan application activity. It shows the trends in mortgage application in the U.S. Housing Market.
Over 2,200 of the MBA’s members encompass all the sectors of the real estate finance industry of the United States.
