Mortgage application volume during the week ended
July 9 featured the largest weekly increase since the first full week of 2021.
The Mortgage Bankers Association (MBA)said its Market Composite Index, a
measure of that volume, rose 16.0 percent on a seasonally adjusted basis. Like
the week ended January 8, last week’s number represented a bounce-back from a
major national holiday, but declining interest rates probably also played a
role. The increase before seasonal adjustment was 7.0 percent. The Refinance Index
increased 20 percent from the previous week but was 29 percent lower than the
same week one year ago. The refinance share of mortgage activity increased to
64.1 percent of total applications from 61.6 percent the previous week, the highest
share for refinancing since Mar 5. The seasonally adjusted
Purchase Index increased 8.0 percent from one week earlier but was down 13.0
percent before adjustment and was 29 percent lower than the same week one year
ago.

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