The attached file contains this articles commentary as well as tables and charts of the data.
Mortgage Apps: Increase Driven By Seasonal Adjustments
June 7, 2017
Bottom Line: Covering the week that included Memorial Day, the headline mortgage application index rose by 7% while the non-seasonally adjusted tally was down 15%. We are reluctant to read anything into the trend given the last two weeks of data were heavily impacted by the holiday. Overall the trend remains towards modest purchase application growth and still very low refinancing activity.
The MBA Mortgage Applications Index ROSE by 7.1% during the week ended June 2 to 430.6, modestly above its 13 week average of 407.7 but 17.3% BELOW its year ago level.
The Purchase Index ROSE by 10.0% to 261.9, moderately above its 13 week average of 242.8 and 4.8% ABOVE its year ago level.
The Refinance Index ROSE by 3.4% to 1,369. Despite this increase, refinancing activity is modestly above its 13 week average of 1,331 but 33.9% BELOW its year ago level.
Contract Mortgage Rates FELL with the 30-year fixed rate declining by 3 bps to 4.14% and with the 15-year fixed rate declining by 3 bps to 3.39%.