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%.