Mortgage application activity took a vibrant upswing during the week ending April 17, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, increased 7.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index was up by 9%.
The seasonally adjusted Purchase Index increased 10% from one week earlier while the unadjusted index was 12% higher – the latter was also 14% percent higher than the same week one year ago.
The Refinance Index increased 6% from the previous week and was 52% higher than the same week one year ago. However, the refinance share of mortgage activity decreased to 44.2% of total applications from 45.5% in the previous week.
Among the federal programs, the FHA share of total applications remained unchanged at 18.2% from the week prior while the VA share of total applications decreased to 15.0% from 15.7% and the USDA share of total applications remained unchanged at 0.5%.
Mike Fratantoni, MBA’s senior vice president and chief economist, observed, “Despite the geopolitical uncertainty, housing demand is being supported by a still resilient job market, and homebuyers are experiencing a buyer’s market in most of the country given the higher levels of inventory relative to last year.”
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