Mortgage applications rise 1.4% even as government mortgages drop | Bedford NY Real Estate

Mortgage applications increased 1.4% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending August 15, 2014.

The Market Composite Index, a measure of mortgage loan application volume, increased 1.4% on a seasonally adjusted basis from one week earlier.  On an unadjusted basis, the Index increased 1% compared with the previous week.

The Refinance Index increased 3% from the previous week.  The seasonally adjusted Purchase Index decreased 0.4% from one week earlier.  The unadjusted Purchase Index decreased 2% compared with the previous week and was 11% lower than the same week one year ago.

“Interest rates dropped last week as a result of the ongoing turmoil in Ukraine and other international concerns, which in turn pushed mortgage rates lower,” said Mike Fratantoni, MBA’s Chief Economist.  “Overall application volume for conventional mortgages increased.  However, there was a 5.9% decline in the number of applications for government mortgages, with both purchase and refinance applications declining.  Within the government sector, this decline was led by an 8% decline in unadjusted Department of Veterans Affairs applications, while Federal Housing Administration and Rural Housing Service unadjusted applications also fell by 5% and 3% respectively.”




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