Apps Rise as Refis Surge 16.3%

Mortgage applications increased 9.2% for the week ended June 19 as the Refinancing Index shot up 16.3%, according to the Mortgage Bankers Association of America's weekly Mortgage Application Survey.The Purchase Index rose 4.0%, the Refinancing Index surged 16.3%, the Conventional Index climbed 7.0%, and the Government Index jumped 18.4%, the survey indicated. On a seasonally adjusted basis, the Market Index rose from 401.1 the previous week to 440.6; the Purchase Index rose from 262.1 to 274.6; the Refinancing Index shot up from 1209.6 to 1406.2; the Conventional Index climbed from 517.6 to 557.3; and the Government Index rose from 206.8 to 245.9. Refinancings represented 45.2% of total applications, up from 42.4% the previous week, while adjustable-rate mortgages accounted for 10.1%, down from 10.2% the week before. Overall, applications were up 85.5% compared with those for the same week last year. The address of the MBA's website is www.mbaa.org.