Mortgage Activity Increases as Affordability Improves
Total mortgage activity increased 7.2% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell five basis points to 6.77% through the week ending June 9th, per the Mortgage Bankers Association’s (MBA) survey. The FRM rate has risen 20 basis points over the past month.
According to Eye On Housing, the Market Composite Index, a measure of mortgage loan application volume, rose by 7.2% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 7.6%, while refinancing activity increased 6.0% week-over-week.
The seasonally adjusted purchase index was 27.5% lower than one year ago while the seasonally adjusted refinancing index was 41.0% lower than one year ago.
