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The Mortgage Bankers Association's Weekly Mortgage Applications Survey reported a 2.2% increase in applications on an adjusted basis for the week ending July 3, 2020. On an unadjusted basis, the index decreased compared to the previous week.
According to the report, the refinance index crept up by 0.4% from the previous week and came in 111% higher than the same week one year ago. The seasonally adjusted purchase index climbed by 5% and the unadjusted purchase index saw a 5% decline from the previous week. However, it was 33% higher than the same week in 2019.
"Mortgage rates declined to another record low as renewed fears of a coronavirus resurgence offset the impacts from a week of mostly positive economic data, such as June factory orders and payroll employment. The 30-year fixed-rate slipped to 3.26 percent - down 53 basis points since late March. Borrowers acted in response to these lower rates, after accounting for the July 4th holiday," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "The average purchase loan size increased to $365,700 - also another high - as borrowers contend with limited supply and higher home prices."
The refinance share of total mortgage activity decreased from 61.2% to 60.1%, the adjustable-rate mortgage share increased by 3.4%, the FHA share decreased 10.9% and the VA share decreased 10.4%.
Read the MBA’s Weekly Mortgage Applications Survey.
