A modest weekly up tick in applications for loans to refinance an existing mortgage was more than offset by a dip in applications for purchase financing.
On a seasonally adjusted basis, the Market Composite Index for the seven days that concluded on July 20 was mostly unchanged compared to the preceding week.
Even when seasonal factors are not considered, there was no movement for the index — a barometer of the weekly volume of retail residential loan applications.
The source of the index is the Mortgage Bankers Association, which derived the data from its Weekly Mortgage Applications Survey that reportedly covers more than 75 percent of all applications.
A 1 percent gain from the week ended July 13 was recorded for refinance applications.
At 36.8 percent, refinance share was slightly more broad than 36.5 percent a week prior. But refinance share has thinned from 46.0 percent a year prior.
Applications for loans to finance a home purchase retreated a percent from last week’s report on a seasonally adjusted basis. The decline remained 1 percent without the adjustment but was a 2 percent gain compared to the week ended July 21, 2017.
MBA reported FHA share was 9.9 percent, thinning from 10.6 percent one week earlier and 10.2 percent one year earlier. VA share, meanwhile, was unchanged at 10.2 percent but has declined from 10.5 percent from the same seven days a year ago.
Of all applications completed, 6.3 percent were for adjustable-rate mortgages. That was more wide than 6.1 percent in the preceding week
but more narrow than 6.8 percent a year previous.
Jumbo interest rates were 5 basis points lower than conforming rates, thinning from 11 BPS in the report a week ago and in the same week during 2017.
