An increasing volume of Americans were filling out mortgage applications last week, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, increased 9.7% on a seasonally adjusted basis week-over-week, while the unadjusted index was up by 12%. The seasonally adjusted Purchase Index increased 11% while the unadjusted index was up 13% – although the latter was also was 8% lower than the same week one year ago.
The Refinance Index increased 8% from the previous week and was 2% lower than the same week one year ago. The refinance share of mortgage activity decreased to 30.2% of total applications from 31.2% the previous week.
Among the federal programs the FHA share of total applications decreased to 12.7% from 13% the week prior while the VA share of total applications decreased to 11.4% from 11.7% and the USDA share of total applications remained unchanged at 0.5%.
Mike Fratantoni, MBA’s senior vice president and chief economist, noted that “purchase volume – particularly for FHA loans – was up strongly, again showing how sensitive the first-time homebuyer segment is to relatively small changes in the direction of rates. Other sources of housing data are showing increases in new listings, which is a real positive for the spring buying season given the lack of for-sale inventory.”
;
You guys keep messing with the data. We are in a bubble. You all know it. It will go back to what it was before covid. Maybe worse because back in 2019 we had 2-3% interest. The more you keep pushing bad numbers the longer the fed holds or possible raises the rates. Good luck.