Mortgage Applications Settled with Only Slight Increase Overall

By Liz Clinger Updated on 6/20/2012

In a week over week review, mortgage applications filed in the U.S. only edged up a slight 0.8% overall for the week ending June 15, 2012.

According to the MBA, home purchasing mortgage applications showed a declined while refinance application activity slowed pace.

Refinance index showed a slight increase at 1% week over week according to the MBA survey, while the purchase index showed a sharp decline of 9% week over week and is actually down 2% from this time last year.

According to Michael Fratantoni, the VP of research and economics at the MBA, though the refinance volume showed increases last week, and rates remaining close to all-time lows, conventional refinance application activity volume decreased, and HARP’s portion of refinance activity dropped to 20%.

He also commented on FHA refinance volume, which showed an all-time high in activity, with a more than double increase over the course of the week.

Refinance applications reached a 2% increase of shares in the total application volume, with 81% over last week’s 79% of all mortgage applications were for refinance.