Mortgage applications decreased 0.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending June 15.
The MBA's market composite index decreased 0.8% on a seasonally adjusted basis from one week earlier; on an unadjusted basis, the index decreased more than 1% compared with the previous week.Â
The seasonally adjusted purchase index fell 9% from one week earlier; the unadjusted purchase index decreased more than 9% compared with the previous week and was 2% lower than the same week one year ago.
The refinance index increased 1% from the previous week. The refinance share of mortgage activity increased to 81% of total applications from 79% the previous week.
‘Refinance volume increased again last week, but the composition of activity changed markedly,’ says Michael Fratantoni, the MBA's vice president of research and economics. ‘Despite rates remaining near all-time lows, conventional refinance application volume declined, and the Home Affordable Refinance Program share of refinance activity dropped to 20 percent. On the other hand, Federal Housing Administration refinance volume exploded to an all-time high, more than doubling over the week.’