Mortgage Applications Rise 15.6% From Previous Week, But Purchase Applications Down -12% Over Past Year

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Well, it was the first week of June. Mortgage applications usually peak in May, so we are on the historic “dark side of the moon” for mortgage demand.

Mortgage applications increased 15.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications Survey for the week ending June 7, 2024.

The Market Composite Index, a measure of mortgage loan application volume, increased 15.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 26 percent compared with the previous week. The seasonally adjusted Purchase Index increased 9 percent from one week earlier. The unadjusted Purchase Index increased 19 percent compared with the previous week and was 12 percent lower than the same week one year ago.

Beware of getting too excited about the19% WoW increase. It is 19% off an extremely low number.

The Refinance Index increased 28 percent from the previous week and was 28 percent higher than the same week one year ago. 

This charts sums up the seasonal component to prepays.

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Published by confoundedinterest17

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