Mortgage application activity is on the rise, according to new data from the Mortgage Bankers Association (MBA) for the week ending Nov. 10.
The Market Composite Index, the trade group’s measure of mortgage loan application volume, increased 2.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index inched up by only 0.4%.
The seasonally adjusted Purchase Index recorded a 3% uptick from one week earlier, although the unadjusted index decreased 0.3% compared with the previous week and was 12% lower than the same week one year ago.
The Refinance Index increased 2% from the previous week and was 7% higher than the same week one year ago. The refinance share of mortgage activity increased to 31.9% of total applications from 31.4% in the previous week.
Among the federal programs, the FHA share of total applications decreased to 14.4% from 14.7% the week prior while the VA share of total applications increased to 11.2% from 10.5% and the USDA share of total applications remained unchanged at 0.5%.
Joel Kan, MBA’s vice president and deputy chief economist, stated, “Both purchase and refinance applications increased to the highest weekly pace in five weeks but remain at very low levels. Despite the recent downward trend, mortgage rates at current levels are still challenging for many prospective homebuyers and current homeowners.”
;
