Mortgage Applications Spike in Week Ending June 5th 2020

According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending June 5th, 2020, the Market Composite Index, a measure of mortgage loan application volume, increased 9.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 20% compared with the previous week. The Refinance Index increased 11% from the previous week and was 80% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5% from one week earlier. The unadjusted Purchase Index increased 15% compared with the previous week and was 13%.