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Purchase Applications Hit 11yr High, Refi Boom Continues; Construction Bounces Back

Purchase Applications Hit 11yr High, Refi Boom Continues; Construction Bounces Back

Mortgage Application volumes continued to grow during the week ended June 12 as mortgage rates reached new lows and states allowed more businesses to reopen. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of application volume, increased 8.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index was up 7 percent compared with the previous week. The volume of refinancing applications moved higher for the second straight week. That index increased 10 percent compared to the week ended June 5 and was 106 percent higher than the same week one year ago. Refinancing accounted for 63.2 percent of application activity, up from 61.3 percent the prior week. The seasonally adjusted Purchase Index rose for the ninth time, a gain
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