MBA: Refinance Applications Continue To Increase
Despite mortgage applications dipping 1.1% this week, there has been an overall increase of 24% in the Index on an unadjusted basis, according to a recent report from HousingWire.
"The Refinance index rose 2% from the previous week and the unadjusted Purchase Index spiked a 21% from a week ago and remained 7% higher than the same week in 2018. Lastly, the seasonally adjusted Purchase Index slid 2% from the week before," according to the report.
The Federal Housing Administration also saw its share of applications increase to 10.6%, a .5% increase from the prior week. The Department of Veteran Affairs saw an increase, however, The Department of Agriculture both also saw a slight dip in applications.
"Coming out of the July 4th holiday, applications were lower overall, with purchase activity slipping almost 4%," said Joel Kan, Mortgage Bankers Association vice president, according to the report.
To learn more about the current state of mortgage refinance applications, click on the image above.