MBA: Mortgage applications drop 9.7%

The Refinance Index fell by 9% over the same period, and the Purchase Index fell by 11%.

According to the latest Mortgage Bankers Association’s Weekly Mortgage Application Survey, Market Composite Index, a measure of mortgage loan application volume, fell by 9.7% on a seasonally-adjusted basis for the week ending September 15, 2017. (Last week’s results included an adjustment for the Labor Day holiday.)

On an unadjusted basis, the Index increased by 12% from one week earlier. The Refinance Index decreased by 9% over the same period. The seasonally-adjusted Purchase Index decreased by 11%, while the unadjusted Purchase Index increased by 10%.

The refinance share of mortgage activity rose to 52.1% of total applications, up from 51.0% the previous week. The adjustable-rate mortgage share of activity rose to 6.8% of total applications. The FHA share remained unchanged at 9.9%, the VA share fell to 10.1% from 10.3% the previous week, and the USDA share remained unchanged at 0.7%.

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