US Mortgage Applications Increase in the Week Ending June 5
Mortgage Applications Increase in Latest MBA Weekly Survey
According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, June 5, the Market Composite Index—a measure of mortgage loan application volume—increased 10.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 21.0%.
The Refinance Index increased 15% from the previous week and was 20% higher than the same week one year ago.
The seasonally adjusted Purchase Index increased 7% from one week earlier. On an unadjusted basis, the Purchase Index increased 17% compared with the prior week and was 4% higher than the same week one year ago.
In remarks accompanying the release, MBA Senior Vice President and Chief Economist Mike Fratantoni said:
“Mortgage rates were volatile last week as news from the Middle East continues to drive markets. While the average rate was up slightly, with the 30-year fixed rate now at 6.60%, there were opportunities where borrowers were seeing somewhat lower rates. Both refinance and purchase applications rebounded coming out of the Memorial Day holiday week, with refinance applications up 15% and purchase applications up 7%.”
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