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WASHINGTON, D.C. (October 18, 2017) - Mortgage applications increased 3.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending October 13, 2017. This week's results included an adjustment for the Columbus Day holiday.

The refinance share of mortgage activity decreased to 48.6 percent of total applications from 49.0 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 6.1 percent of total applications.

The FHA share of total applications increased to 10.4 percent from 10.3 percent the week prior. The VA share of total applications decreased to 10.5 percent from 10.6 percent the week prior. The USDA share ...

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The Mortgage Bankers Association said it is open to a rewrite of homeowner tax breaks as part of a broader reform package, adding to the political momentum in support of a mortgage tax credit.

The MBA position comes days after the National Association of Home Builders broke ranks with the real estate industry to endorse changes to the mortgage interest deduction, a tax break that for decades has been considered untouchable.

"The mortgage interest deduction is important, but if there are other alternatives, we are open to them," MBA President David Stevens told POLITICO.

"In isolation, we would fight against modification to the mortgage interest deduction very hard," Stevens said. But in the context of broader reform, "we want to remain open...

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On the campaign trail, President Donald Trump promised to dismantle the Obama-era rules on the banking and mortgage industry. As late as this April, Trump spoke of “a major elimination” of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

This wasn’t entirely hyperbole. In June, House Republicans passed a sweeping regulatory reform bill, the Financial CHOICE Act, that called for tossing out sections of the Dodd-Frank Act and establish a new regulatory framework. The banking and mortgage industry generally supported the bill, even if few lobbyists gave it much chance of gaining traction. The CHOICE Act received no support from Democrats, who deemed it the “Wrong Choice Act.” The bill hasn’t ...

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