MBA: Mortgage Application Volume Jumped 7.1% During Memorial Day Week

Posted by Patrick Barnard on June 07, 2017 No Comments
Categories : Residential Mortgage

Mortgage application volume jumped 7.1% on an adjusted basis during the week ended June 2, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

The volume estimate was adjusted to account for the Memorial Day holiday.

Applications for refinances increased 3% on slightly lower rates, while applications for purchases increased 10% to reach the highest level since May 2010.

On an unadjusted basis, total volume decreased 15% compared with the previous week. Applications for purchases decreased 14%, on an unadjusted basis, but were 6% higher compared with the same week one year earlier.

The refinance share of mortgage activity decreased to 42.1% of total applications, down from 43.2% the previous week.

The adjustable-rate mortgage (ARM) share of activity decreased to 7.4% of total applications.

The average rate for 30-year fixed-rate mortgage was about 4.14%, down from 4.17% the previous week.

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