The number of private mortgage insurance applications filed in July jumped 14% from the previous month, according to data from the Mortgage Insurance Companies of America.
The association for mortgage insurers recorded 42,229 new insurance applications at member firms last month, up from 36,926 applications in June.
The MICA data includes information from the association’s member firms, which include Genworth Mortgage Insurance (GNW), Mortgage Guaranty Insurance Corp. (MTG) and Radian (RDN).
MICA member companies had $396.4 billion of primary mortgage insurance in force in July. In addition, the dollar volume of primary new insurance written on conventional mortgages totaled $10.1 billion in July, up from $9.5 billion in June.
Overall, 39,192 American borrowers used private mortgage insurance sold by MICA members to buy or refinance their mortgages in July.
MICA companies recorded 25,166 July defaults and 18,430 cures on distressed loans insured by the association’s members.
The rise in private mortgage insurance applications correlated with a relatively healthy housing market last month.
Existing single-family home sales grew 2.3% to an annual rate of 4.47 million properties, 10% above the sales rate recorded last year in July, the National Association of Realtors said.
