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Mortgage Application Volume Rises After Three Straight Losses
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Refinance Share of Mortgage Applications Drops to Lowest Level Since April
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Mortgage Applications Fall 3.1% From The Previous Week
Katie Jensen
Jun 09, 2021
With fewer homeowners able to take advantage of lower rates, the refinance share dipped to the lowest level since April.
KEY TAKEAWAYS
Mortgage applications fell by 3.1% on an adjusted basis. On an unadjusted basis, the Index decreased 13% compared to the previous week.
The Refinance Index decreased 5% from the previous week and fell by 27% year-over-year.
The Purchase Index increased by 0.3% from a week earlier.
The average contract interest rate for 30-fixed-rate mortgages with conforming loan balances decreased to 3.29% from 3.34% a week earlier.
For the week ending on June 4, 2021, mortgage applications fell by 3.1%, according to the Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey. These results are adjusted for the Memorial Day holiday. On an unadjusted basis, the Index decreased 13% compared to the previous week.
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