Mortgage Apps Fell 4.1% Last Week; Refi Share Hits 8-Year Low
Washington, DC, May 18, 2017-Mortgage applications decreased 4.1% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending May 12.
The Market Composite Index, a measure of mortgage loan application volume, decreased 4.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 4% compared with the previous week.
The Refinance Index decreased 6% from the previous week.
The seasonally adjusted Purchase Index decreased 3% from one week earlier. The unadjusted Purchase Index decreased 3% compared with the previous week and was 9% higher than the same week one year ago.
The refinance share of mortgage activity decreased to 41.1% of total applications, the lowest level since September 2008, from 41.9% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.1% of total applications. The average loan size for purchase applications reached a survey high at $322,300.