Mortgage Apps Buck Recent Trend Despite Huge Rate Jump

Mortgage Apps Buck Recent Trend Despite Huge Rate Jump

Mortgage application volume increased during the week ended June 10 after four straight weeks of declines. However, the overall gains shown by data from the Mortgage Bankers Association’s (MBA’s) weekly Mortgage Applications Survey was only a resumption of application activity patterns two weeks earlier. The business week ended June 3 was shorted by the Memorial Day holiday. MBA’s Market Composite Index, a measure of loan application volume, increased 6.6 percent on a seasonally adjusted basis after declining 6a.5 percent the previous week. On an unadjusted basis, the Index increased 17 percent, identical to its decline the previous week. The Refinance Index increased 4 percent from the previous week but was 76 percent lower than the same week in 2021. The seasonally adjusted Purcha