Per the Mortgage Bankers Association’s (MBA) survey through the week ending June 9th, total mortgage activity increased 7.2% from the previous week and the average 30-year fixed-rate mortgage (FRM) rate fell five basis points to 6.77%. The FRM rate has risen 20 basis points over the past month.
The Market Composite Index, a measure of mortgage loan application volume, rose by 7.2% on a seasonally adjusted (SA) basis from one week earlier. Purchasing activity increased 7.6%, while refinancing activity increased 6.0% week-over-week.
The seasonally adjusted purchase index was 27.5% lower than one year ago while the seasonally adjusted refinancing index was 41.0% lower than one year ago.
The refinance share of mortgage activity remained at 27.3% over the week, while the adjustable-rate mortgage (ARM) share of activity decreased to 6.5% from 6.8%. The average loan size for purchases was $427,400 in the through the 9th of June, down from $440,600 over the month of May. The average loan size for a FRM fell to $355,100 through the 9th of June. The average loan size for refinancing decreased by 3.1% from $265,700 over the month of May to $257,500 through the first two weeks of June. The average loan size for an ARM was down at start of June to $747,800 after averaging $831,600 through the month of May.
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