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U.S. Mortgage Applications Show Substantial Rebound
(RTTNews) - After reporting two consecutive weekly decreases in U.S. mortgage applications, the Mortgage Bankers Association released a report on Wednesday showing a substantial rebound in mortgage applications in the week ended June 7th.
The MBA said the Market Composite Index, a measure of mortgage loan application volume, spiked by 15.6 percent last week after tumbling by 5.2 percent in the previous week.
"Mortgage rates were trending lower over the course of last week until a stronger than anticipated employment report resulted in a bounce back, with the weekly average for the 30- year fixed mortgage rate decreasing to 7.02 percent," said Mike Fratantoni, MBA's SVP and Chief Economist.
He added, "Lower rates earlier in the week meant a strong increase in refinance activity, particularly for VA borrowers, who jumped on the chance to lower their rates."
The report showed the Refinance Index skyrocketed by 28 percent compared to the previous week, while the Purchase Index surged by 9 percent from a week earlier.
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