According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 18, 2021, the Market Composite Index — a measure of mortgage loan application volume — increased by 2.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1% compared with the previous week. The Refinance Index increased 3% from the previous week but was -9% lower than the same week one year ago. The seasonally adjusted Purchase Index increased 1% from one week earlier. The unadjusted Purchase Index decreased -1% compared with the previous week and was -14% lower than the same week one year ago.
Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting, in a prepared statement said, “Mortgage rates increased last week, with the 30-year fixed rate rising to 3.18 percent — the highest level in a month. Despite the jump in rates, refinances increased for the second consecutive week, pushed higher by a 4 percent bump in conventional refinance applications. Purchase applications have regained an upward trend over the past few weeks. Activity was slightly higher for the third straight week but remained lower than the same week a year ago. Government purchase applications drove most of last week’s increase, which also contributed to a slightly lower overall average purchase loan size.”
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Mortgage Applications Increase in Latest MBA Weekly Survey