Mortgage application activity took a robust upswing for the week ending June 5, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, increased 10.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index surged by 21% compared with the previous week.
The seasonally adjusted Purchase Index increased 7% from one week earlier while the unadjusted index took a 17% surge – the latter was also 4% higher than the same week one year ago.
The Refinance Index increased 15% from the previous week and was 20% higher than the same week one year ago. The refinance share of mortgage activity increased to 40.2% of total applications from 38.0% in the previous week.
Among the federal programs, the FHA share of total applications increased to 17.4% from 17.0% the week prior while the VA share of total applications decreased to 13.4% from 14.4% and the USDA share of total applications dipped to 0.4% from 0.5%.
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