Purchase Applications up Slightly.
MBA Mortgage Applications (week ended 5/6/2016)
– Purchase Index Week/Week +0.4%. Previous weeks were +1.0%, -2.0%, -1.0%, +8.0%, -2.0%, +2.0%, -1.0%, +0.3%, +4.0%, -1.0%, +2.0%, -4.0%, and +0.2%.
– Refinance Index Week/Week +0.5%. Previous weeks were -6.0%, -5.0%, +3.0%. +11.0%, +7.0%, -3.0%, -5.0%, -6.0%, -2.0%, -7.0%, -8.0%, +16.0%, and +16.0%.
– Composite Index Week/Week +0.4%. Previous weeks were -3.4%, -4.1%, +1.3%, +10.0%, +2.7%, -1.0%, -3.3%, -3.3%, +0.2%, -4.8%, -4.3%, and +8.2%.
The purchase market appears to be flat. The strong gains in year-on-year applications are subsiding.