Mortgage Application Activity Upticks after 6 Weeks of Declines

For six-consecutive weeks, mortgage loan application activity has declined on a week-over-week basis. But, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 5, 2015, mortgage application volume finally made an uptick by 8.4% from the previous week.

MBA’s Chief Economist, Mike Frantantoni, state, “Mortgage application volume rebounded strongly in the week following the Memorial Day holiday, indicating that the holiday had a larger impact on business activity than originally assumed. Comparing volume over the past two weeks, purchase activity is up over 6 percent, while refinance activity is down 5 percent. Strong job gains in May and initial signs of wage growth are supporting the purchase market.”

While refinance applications made up 49% of total application volume, the MBA’s Purchase Index reflected a 10% increase on a seasonally adjusted basis from the week before. Meanwhile, the various interest rates tracked by the MBA showed increases across the board. Read more at http://bit.ly/1IKmuxt.

 

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