US Mortgage Applications Climb in the Week Ending June 6

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, June 6, the Market Composite Index—a measure of mortgage loan application volume—increased 12.5% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 23.0% compared with the previous week.

The Refinance Index increased 16.0% from the previous week and was 28.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 10.0% from one week earlier. The unadjusted Purchase Index increased 20.0% compared with the previous week and was 20.0% higher than the same week one year ago.

Commenting on the results of the latest survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Coming out of the Memorial Day holiday, mortgage applications increased to the highest level in over a month, driven by growth in both purchase and refinance applications. Treasury rates saw some movement during the week, which resulted in additional opportunities for borrowers. The rate for 15-year fixed rate loans and FHA loans saw declines last week, while the 30-year fixed rate was largely unchanged. Purchase applications were 20% ahead of last year’s pace, continuing to show strength compared to a year ago. Despite ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening housing inventory in certain markets.”