The seasonally adjusted purchasing index rose 1% from one week earlier while the unadjusted purchasing index rose 7% over the same period. The unadjusted purchasing index was 2% higher year-on-year.
“The number of mortgage applications was little changed last week, but there was a slight increase in the volume of general purchases, which pushed the mortgage rate up about 2% over a year ago at this time,” said Mike Fratantoni, MBA SVP and chief economist. . “Loan rates remain close to 7%, which is a key psychological level, which may continue to slow down activity in both refinances and purchases. Incoming economic data is likely to keep the Federal Reserve on hold for now, while uncertainty about economic policy is likely to keep long-term rates, including mortgage rates, stable at these levels. “
The refinancing share of mortgage activity fell to 40.4% of total applications from 42.7% last week, reflecting a reduction in appetite for refinancing. However, the share of mortgage activity (ARM) increased to 5.5% of total applications.
FHA’s share of total claims fell to 16.5% from 16.9% last week. The VA’s share of total claims fell to 14.6% from 15.7% last week. Finally, the USDA’s share of total claims fell to 0.4% from 0.5% last week.
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