Mortgage activity increases for second straight week

Abstract

The MBA’s Market Composite Index rose a seasonally adjusted 4.2% for the period ending June 17. But compared to the same seven-day stretch in 2021, volumes were 53% lower. The upward move came largely thanks to increased purchase activity despite a spike in interest rates, while refinance volumes dropped further. The Refinance Index fell 3% from previous week. The one-week surge was the largest since 2009. The average 30-year jumbo-loan contract rate for inventors and reinventive applications fell 3.5% from the last week. Inventors firmly to the last year, new applications and new applications fell 3.4% from last year.