Connect With PPD
Follow Us:
Economy

MBA Weekly Mortgage Applications Survey Gains 5.3% for February 22

A graphic concept depicting a young family and a mortgage application for a home. (Photo: AdobeStock)

WASHINGTON, D.C. — Mortgage applications rose 5.3% from for the week ending February 22, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

These results include an adjustment for Presidents’ Day, a national holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 3% from the previous week on an unadjusted basis.

The Refinance Index increased 5%, after gaining 6.4%.

The seasonally adjusted Purchase Index gained 6%, up from 1.7%. The unadjusted Purchase Index fell 1% compared with the previous week, but still was 3% higher than the same week one year ago.

“Mortgage rates were little changed last week, but as we anticipated, homebuyers are responding favorably to this more stable rate environment,” said Mike Fratantoni, MBA Senior Vice President and Chief Economist.

“Purchase applications for both conventional and government loans rose last week, with the government gain led by a 14 percent increase in applications for VA purchase loans.”

The refinance share of mortgage activity decreased to 40.4% of total applications from 41.7% during the week ending February 15. The adjustable-rate mortgage (ARM) share of activity decreased to 7.3% of total applications.

“Refinance application volume increased as well, with the index reaching its highest level in a month,” Mr. Fratantoni added. “Borrowers with larger loans tend to be more responsive for a given drop in rates, and competition for these loans is fierce.”

“Therefore, it was not surprising to see the average rate for a 30-year fixed jumbo loan drop to its lowest level since January 2018.”

The share of total applications for the Federal Housing Administration (FHA) remained unchanged at 10.2%. The VA share of total applications increased to 10.7% from 10.1%. The USDA share of total applications fell marginally from 0.7% to 0.6%.

READ FULL STORY

SubscribeSign In
PPD Business Staff

PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

Share
Published by
PPD Business Staff

Recent Posts

Media’s Worst Russian Collusion Sins May Soon Be Repeated

The most damning journalistic sin committed by the media during the era of Russia collusion…

1 year ago

Study: Mask-Mandates and Use Not Associated With Lower Covid-19 Case Growth

The first ecological study finds mask mandates were not effective at slowing the spread of…

3 years ago

Barnes and Baris on Big Tech’s Arbitrary Social Media Bans

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris note how big tech…

3 years ago

Barnes and Baris on Why America First Stands With Israel

On "What Are the Odds?" Monday, Robert Barnes and Rich Baris discuss why America First…

3 years ago

Personal Income Fell Significantly in February, Consumer Spending Weaker than Expected

Personal income fell $1,516.6 billion (7.1%) in February, roughly the consensus forecast, while consumer spending…

4 years ago

Study: Infection, Vaccination Protects Against Covid-19 Variants

Research finds those previously infected by or vaccinated against SARS-CoV-2 are not at risk of…

4 years ago

This website uses cookies.