Mortgage applications increased 8.4% on an adjusted basis from a week earlier, according to the Mortgage Bankers Association's weekly applications survey for the week ending June 5.
The
The Market Composite Index measures mortgage loan application volume. It jumped 19% on a seasonally adjusted basis from the week before.
The Refinance Index rose 7% from the previous week. The refinance share of all mortgage activity remained at 49%, while the adjustable-rate mortgage share increased to 6.3%.
The Purchase Index rose 10% from the previous week on a seasonally adjusted basis. On an unadjusted basis it is up 20% from the previous week and 15% from the same week last year.
The FHA share of total applications decreased to 14.3% from 14.9% the week prior. The VA share decreased to 11.5% from 12% and the USDA share increased to 1.1% from 1%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $417,000 or less rose to 4.17%, its highest level since November. The week before the rate was 4.02%. The same mortgage type with jumbo loan balances of $417,000 or more jumped to 4.15%, its highest level since October. The prior week it sat at 4.01%.
