Mortgage
applications increased for the second week on a seasonally adjusted basis even
as interest rates rose. The Mortgage Bankers Association (MBA) said its Market
Composite Index, a measure of mortgage loan application volume, increased 2.1
percent on a seasonally adjusted basis during the week ended June 18, and was 1
percent higher before adjustment. The Refinance
Index was up by 3 percent compared to the prior week but was 9 percent lower
than the same week in 2020. The refinance share of mortgage activity increased
to 62.5 percent of total applications from 61.7 percent the previous week. The
seasonally adjusted Purchase Index moved 1 percent higher and was 1 percent
lower than the prior week on an unadjusted basis. Purchase mortgage
applications were 14 percent lower year-over-year.

 

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