WASHINGTON (AP) - Mortgage application volume rose 10.9 percent during the
week ending June 6, rebounding from a sharp decline one week earlier, according
to the Mortgage Bankers Association's weekly application survey.
The MBA's mortgage application index rose to 557.1 during the week, from
502.3 the previous week when volume fell 15.3 percent.
Refinance application volume increased 8.4 percent during the week ending
June 6, while purchase application volume jumped 12.8 percent. Refinance
applications accounted for 39.8 percent of total applications.
The index peaked at 1,856.7 during the week ending May 30, 2003, at the
height of the housing boom.
An index value of 100 is equal to the application volume on March 16, 1990,
the first week the MBA tracked application volume. A reading of 557.1 means
mortgage application activity is 5.571 times higher than it was when the MBA
began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage
bankers, commercial banks and thrifts. It covers about 50 percent of all
residential retail mortgage originations each week.
Application volume rose despite a rise in interest rates. The average
interest rate for a traditional, 30-year fixed-rate mortgage rose to 6.24
percent from 6.17 percent.
The average rate for 15-year fixed-rate mortgages, a popular option for
refinancing a home, rose to 5.78 percent from 5.7 percent.
Rates for one-year adjustable-rate mortgages rose to 6.87 percent from 6.8
percent.
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