Mortgage Applications Up 7.1 Percent

It was an active week in the home loan market, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 2.

 

The Market Composite Index increased 7.1 percent on a seasonally adjusted basis, although on an unadjusted basis the index dropped by 15 percent. The seasonally adjusted Purchase Index increased 10 percent from one week earlier to its highest level since May 2010, but the unadjusted index decreased 14 percent compared with the previous week—although it was six percent higher than the same week one year ago. The Refinance Index was up by three percent from the previous week and the refinance share of mortgage activity decreased to 42.1 percent of total applications from 43.2 percent the previous week.

 

Among the federal home loan programs, the FHA share of total applications increased to 10.6 percent from 10.5 percent the week prior and the VA share of total applications increased to 11.1 percent from 10.8 percent the week prior, while the USDA share of total applications remained unchanged at 0.8 percent.

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