Mortgage application activity inched up slightly for the week ending June 26, according to data from the Mortgage Bankers Association (MBA).
The Market Composite Index, the MBA’s measure of mortgage loan application volume, recorded a very mild 0.04% uptick on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased by a more robust 11%.
The seasonally adjusted Purchase Index increased 1% from one week earlier while the unadjusted index took an 11% increase – the latter was also 3% higher than the same week one year ago. The Refinance Index dropped by 1% from the previous week and was 9% higher than the same week one year ago. The refinance share of mortgage activity dipped to 41.4% of total applications from 41.5% in the previous week.
Among the federal programs, the FHA share of total applications decreased to 16.9% from 17.9% the week prior while the VA share of total applications increased to 12.9% from 12.3% and the USDA share of total applications decreased to 0.4% from 0.5%.
Joel Kan, MBA’s vice president and deputy chief economist, observed, “Purchase applications remain ahead of 2025’s pace and have exhibited year-over-year growth for almost three months, as prospective homebuyers are finding opportunities in markets with ample inventory and easing home-price growth. ARM loans accounted for less than 8% of applications, the lowest share since January, as the yield curve continues to flatten with relatively higher short-term rates.”
0 Comments