Mortgage activity increases for first time in nearly a month
Mortgage applications rose for the first time in five weeks despite a rise in interest rates, according to the Mortgage Bankers Association, after falling to their lowest weekly level in more than two decades.
When taking into account seasonal factors, the Market Composite Index, a measure of application volumes based on surveys of MBA members, increased by 6.6% in the week ending June 10. Mortgage activity was 54% lower compared to the same week last year.
MBA's associate v.p. of economic and industry forecasting Joel Kan noted in a press statement that despite the increase in rates, application activity returned following the Memorial Day vacation week but remained 0.29 percent below pre-holiday levels.a