Mortgage Refinance and Home Loan Index Fall

The Mortgage Refinance Index dropped 7.3% compared to the week before and the seasonally adjusted Purchase Index decreased 1.2 % from one week earlier. The unadjusted Home Loan Index fell 2.3% compared with the previous week and was 36.8% lower than the same week one year ago.  The decline in total home loan applications was driven by a 4.4% decrease in government applications, while conforming home purchase applications increased by 1.0%.  The four week moving average for the seasonally adjusted Market Index is down 0.5%.  The four week moving average is down 1.1% for the seasonally adjusted Purchase Index, while this average is down 0.4% for the Refinance Index.  The mortgage refinancing share of mortgage activity decreased to 73.8% of total applications from 74.8% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 4.9% from 5.2% of total applications from the previous week.

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