MBA Reports Show a 6.7% Rise in Weekly Mortgage Applications
Greetings neighbors,
According to recent numbers from the Mortgage Bankers Association (MBA), the amount of weekly mortgage applications submitted for the week ending July 2nd rose 6.7%.
In addition, the amount of submitted applications for refinance increased to it's highest volume in over a year to 9.2%. This number hasn't been this high since May 2009. This rise in the interest of refinance has bumped the refi share of total applications to 78.7% from the previous week's number of 76.8%.
Even though the volumes of mortgage and refinance apps experienced a rise, there was a decrease in the amount of applications submitted for purchase mortgages which well 2%. This proved to be the 8th decline in the last nine weeks.
As for adjustable rate mortgages, the volume of applications also experienced a rise from the previous week's number of 4.7% to 5.4%.