Mortgage Applications Rise on Week-over-week Basis

The Weekly Mortgage Application Survey ending June 9, 2017 has shown an increase in the mortgage applications by 2.8 percent from the previous week. This survey is conducted by the Mortgage Bankers Association (MBA) on a week-over-week basis.

It covers 75 percent of the overall retail residential mortgage applications in America with respondents including commercial banks, mortgage bankers, and thrifts.

Survey Highlights

  • On the seasonally adjusted basis, the Market Composite Index rose 2.8 percent from a week prior. The Seasonally Adjusted Purchase Index has fallen 3 percent.
  • This week’s unadjusted Market Composite Index increased by 27 percent as compared to the previous week. The Purchase Index also rose 19 percent on the unadjusted basis.
  • The Unadjusted Purchase Index also is 8 percent higher than in the same week a year ago.
  • The Refinance Index hit its highest since November of last year. It has increased by 9 percent from one week earlier.
  • Mortgage activities on refinancing were yielding positive numbers as well. The total volume of application rose 3.3 percent on the week-over-week basis. From 42.1 percent a week prior to 45.4 percent on the latest weekly survey.
  • The average refinancing loan size is at $274,700. This is the highest since September 2016.
  • What also remained unchanged from the previous week was the adjustable-rate mortgage (ARM) activity which is still at 7.4 percent.

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The volume of FHA applications also increased, from 10.6 on the previous week to an 11.2 percent. The USDA share of mortgage activities remained unchanged at 0.8 percent and the VA applications also remained unchanged at 11.1 percent.

This survey aims to establish the U.S. mortgage activity on a weekly basis. It also gives a comprehensive breakdown on the different shares of activities that are mortgage-related.

It should be noted that the previous week’s survey had an adjustment due to the Memorial Day holiday.

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