Mortgage application activity declined during the week ending April 24, according to data from the Mortgage Bankers Association.
The Market Composite Index, the MBA’s measure of mortgage loan application volume, decreased 1.6% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index dipped by 1%.
The seasonally adjusted Purchase Index inched up by 1% from one week earlier while the unadjusted index took a 2% uptick – the latter was also 21% higher than the same week one year ago.
The Refinance Index decreased 4% from the previous week and was 51% higher than the same week one year ago. The refinance share of mortgage activity decreased to 42.5% of total applications from 44.2% in the previous week.
Among the federal programs, the FHA share of total applications decreased to 17.2% from 18.2% while the VA share and USDA share of total applications remained unchanged at 15.0% and 0.5%, respectively.
Mike Fratantoni, MBA’s senior vice president and chief economist, observed, “After a brief pause, in part because of the elevated geopolitical uncertainties, potential homebuyers certainly appear to be moving forward this spring and taking advantage of the more favorable inventory conditions in most parts of the country.”
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