Refinance Applications Claw Back
After plummeting 30 percent, refinance loan applications saw some healthy gains during the week ending June 3, according to the MBA.
The refinance index increased 15.2 percent from the previous week, while purchases saw a 6.7 percent gain.
Overall, applications were up 10.9 percent on a seasonally adjusted basis from a week earlier and 7.2 percent from a year ago.
The refinance share of mortgage activity increased to 48.4 percent of total applications from 46.4 percent one week earlier.
Meanwhile, rates were little changed, with the 30-year staying put at 5.34 percent and the 15-year fixed increasing just two basis points to 4.83 percent.
The one-year adjustable-rate mortgage increased to 6.58 percent from 6.52 percent, but the ARM-share of applications still improved, rising to 4.4 percent from 4.3 percent.
The MBA’s weekly survey, conducted since 1990, covers more than half of all retail residential loan applications, but doesn’t factor out multiple or declined apps.
(photo: tambakothejaguar)
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