Mortgage applications were on the rise by 6.3% from one week earlier, according to the latest weekly report from the Mortgage Bankers Association (MBA) for the week ending July 14, 2017. The report includes an adjustment for the Fourth of July holiday.
The seasonally adjusted Purchase Index had gone up by 1% from the previous week. On an unadjusted basis, the Purchase Index increased 27% compared with the previous week and was 7% above than the same week one year ago.
The refinance share of total mortgage applications was up big time by 13% from the week prior. The refi share of home loan activity was up to 44.7% of total applications from 42.1% the previous week.
Adjustable-rate mortgages (ARM) was the same at 6.7% of total applications.
Applications for FHA loans slightly increased to 10.7% from 10.4% the week prior.
VA loan applications decreased to 10.7% from 11.5% the previous week.
The USDA share of total applications was unchanged at .7%.