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Mortgage Applications Increase 4.1%

Navi Persaud
Jul 22, 2020
Photo of a nice house.

The Mortgage Bankers Association's Weekly Mortgage Applications Survey reported a 4.1% increase in mortgage applications from the prior week. On an unadjusted basis, mortgage applications increased 4%.

The refinance index increased 5% from the previous week and came in at 122% higher year over year. The seasonally adjusted purchase index increase by 2% on both the adjusted and unadjusted basis.

"Mortgage applications increased last week despite mixed results from the various rates tracked in MBA's survey. The average 30-year fixed-rate mortgage rose slightly to 3.20%, but some creditworthy borrowers are being offered rates even below 3%. As a result, these low rates drove a 5% weekly gain in refinances and a robust 122% increase from a year ago," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "There continues to be strong homebuyer demand this summer, as home shoppers have returned to the market in many states. Purchase activity increased again last week and was up 19% compared to last year - the ninth straight week of year-over-year increases."

The refinance share of mortgage activity increased to 64.8% from 64.2% in the previous week and the adjustable-rate mortgage share of activity remained stagnant at 3% of total applications. The FHA share of total applications dipped from 11.1% to 10.8%, the VA share dipped to 10.8% from 11% and the USDA share of total applications remained stagnant at 0.6%.

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