Mortgage Bankers report on home loan activity
The Mortgage Bankers Assocation (M.B.A.) reports that for the week ending June 11, "The Market Composite Index of mortgage loan applications-a measure of mortgage loan applications for purchases and refinancings-increased by 5.6 percent to 600.6 on a seasonally adjusted basis from 568.8 one week earlier. On an unadjusted basis, the Index increased by 16.3 percent compared with last week and was down 63.1 percent compared with the same week one year earlier."
An increase in refinance activity was also reported:
"The refinance share of mortgage activity increased to 33.8 percent of total applications from 32.6 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 34.7 percent of total applications from 34.6 percent the previous week."
To read the press release, go here.