US Mortgage Applications Rise in the Week Ending June 19
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 19, the Market Composite Index—a measure of mortgage loan application volume—increased 1.0% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10%.
The Refinance Index increased 3% from the previous week and was 17% higher than the same week one year ago.
The seasonally adjusted Purchase Index decreased 1% from one week earlier. On an unadjusted basis, the Purchase Index decreased 12% compared with the prior week but was 3% 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 changed little over the course of last week, despite the more hawkish tone from the FOMC at its June meeting. Purchase application volume edged slightly lower, while refinance activity posted modest gains. Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8% above year-ago levels.”
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