Mortgage Applications Rose 9.3% in First Week of June
Washington, DC, June 10, 2020-Mortgage applications increased 9.3% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending June 5, 2020.
The previous week's results included an adjustment for the Memorial Day holiday.
The Market Composite Index, a measure of mortgage loan application volume, increased 9.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 20% compared with the previous week. The Refinance Index increased 11% from the previous week and was 80% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5% from one week earlier. The unadjusted Purchase Index increased 15% compared with the previous week and was 13% higher than the same week one year ago.
The refinance share of mortgage activity increased to 61.3% of total applications from 59.5% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 3.1% of total applications.