Mortgage Application Volume Soars | Second Highest Amount of the Year
The Mortgage Bankers Association (MBA) reported the volume of mortgage applications increased. The Market Composite Index surged 5.1 percent during the week of June 15, leading to the largest increase in total mortgage volume since January 5 of this year. The adjusted volume was up 3 percent.
The MBA reported applications for refinancing and home purchases increased compared to earlier in June. The refinance index gained 6 percent, accounting for a 1 percent increase in the share of applications, while the purchase index grew 4 percent.
Although other home loan types increased, FHA insured loan applications decreased about half a percent week-over-week and VA loan applications and USDA applications dipped slightly.
Covering over 75 percent of U.S. retail residential mortgage applications, the MBA’s Weekly Mortgage Applications Survey also reported the average contract interest rate for a 30-year FRM was 4.83, unchanged from the previous week. Also noted, interested rates for 30-year jumbo FRM were up .36 points.
For more details and other information, read the full report.