Mortgage Applications Up by 18% from Previous Week

The Mortgage Bankers Association’s (MBA) weekly mortgage application survey ending June 8th revealed an 18% increase in application volume compared to the week before. Refinance application volume was 79%, a 1% increase over the prior week, while HARP applications made up 28% of the refinance volume. Michael Fratantoni, the MBA’s Vice President of Research and Economics, explained, “Refinance volume increased as borrowers were able to lock in at mortgage rates below 4 percent, and purchase application volume was its highest level in over six months.” Purchase applications experienced a seasonally adjusted 13% increase over the previous week.

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