Mortgage applications increased 1.3% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending June 1. The week's results include an adjustment for the Memorial Day holiday.
The MBA's market composite index increased 1.3% on a seasonally adjusted basis from one week earlier; on an unadjusted basis, the index decreased over 9% compared with the previous week.Â
The refinance index increased 2% from the previous week to its highest level since Feb. 10. The refinance share of mortgage activity increased to 78% of total applications from 77% the previous week – the highest refinance share since Feb. 24.
The seasonally adjusted purchase index decreased slightly from one week earlier to its lowest level since April 13. The unadjusted purchase index decreased 13% compared with the previous week and was 3% lower than the same week one year ago.