Mortgage Purchase Applications Increase 11% WoW And Up 7% YoY, But Its Mostly Downhill From Here Until January
Mortgage applications increased 9.9 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending September 8, 2017. This week’s results included an adjustment for the Labor Day holiday.
The seasonally adjusted Purchase Index increased 11 percent from one week earlier. The unadjusted Purchase Index decreased 13 percent compared with the previous week and was 7 percent higher than the same week one year ago. Since Purchase Apps often peak in early May, it will be mostly downhill until the end of the year.
It seems that mortgage purchase applications have finally escaped the curse of “The Sanders Polynomial.”
.The Refinance Index increased 9 percent from the previous week. Mortgage refi applications have been subdued since the election run-up in rates.
The percentage of adjustable-rate mortgages (ARMs) remains low at 6.7%.