Mortgage applications were up .04% from one week earlier, according to the latest weekly report from the Mortgage Bankers Association (MBA) for the week ending July 21, 2017.
The Refinance Index led the charge with a 6% increase from one week earlier and increased to 46% of total applications from 44.7% the week prior.
The seasonally adjusted Purchase Index was down by 2% from the previous week to the lowest level since May 2017. The unadjusted Purchase Index dropped 2% compared with one week earlier and was 8% higher than the same week one year ago.
Adjustable-rate mortgages (ARM) increased to 6.8% of total applications.
Applications for FHA loans were down to 10.2% higher from 10.7% the week prior.
VA loan applications dropped to 10.5% from 10.7% the previous week.
The USDA share of total applications increased from .8% from .7% the week prior.
I’m LoanSafe.org’s mortgage expert and a senior loan officer with Prime Lending. If you need a live rate quote, or need help getting a new mortgage, please call me direct anytime at 619-379-8999.