US Mortgage Applications Rise in the Week Ending July 17

According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, July 17, the Market Composite Index—a measure of mortgage loan application volume—increased 1.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 2.0%.

The Refinance Index decreased 2% from the previous week but was 7% higher than the same week one year ago.

The seasonally adjusted Purchase Index increased 6% from one week earlier. On an unadjusted basis, the Purchase Index increased 6% compared with the prior week and was 0.2% 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 reached another high point last week, with the 30-year conforming rate now at 6.69%, its highest level since last August. However, purchase volume increased modestly for the week. Growing home inventory in many markets is supporting more purchase activity. Incoming data showed that inflation dropped in June, but with oil prices spiking again, that improvement seems unlikely to continue in July data, and mortgage rates are likely to remain higher as a result.”