Mortgage Applications Increase in the Week Ending June 21st

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, June 21st, the Market Composite Index—a measure of mortgage loan application volume—increased 0.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10.0% compared with the previous week. This week’s results include an adjustment for the Juneteenth holiday.

The Refinance Index was essentially unchanged from one week ago and was 26.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 1.0% compared with one week ago. The unadjusted Purchase Index decreased 10.0% compared with the previous week and was 13.0% lower than the same week one year ago.

Commenting on the results of this week’s survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Mortgage rates were mostly lower last week, with the 30-year fixed rate declining slightly to 6.93%, the lowest level in more than three months. Lower rates, however, were still not enough to entice refinance borrowers back, as most continue to hold mortgages with considerably lower rates.

Purchase applications did see a small increase after adjusting for the Juneteenth holiday. Government purchase loans, primarily FHA and VA, saw gains of more than 2% over the previous week, as homebuyers in those segments sought to take advantage of the recent rate relief.”

FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.