Weekly Mortgage Applications Soar on Record Low Rates: MBA

The volume of mortgage applications submitted in the week ending June 25 rose a seasonally adjusted 8.8% from a week earlier, according to the Mortgage Bankers Association (MBA). Applications for refinance mortgages soared 12.6% this week after taking a 7.3% plunge the previous week. The jump in refinance interest brings the refinance share of total mortgage applications to 76.8%, from 73.8% last week. “Refinance applications jumped in response [to record-low interest rates], but remain at about half the level seen in the spring of 2009,” said MBA vice president of research and economics Michael Fratantoni, in a statement. “Purchase applications declined for the seventh time in the last eight weeks, keeping the purchase index near 13-year lows.” The volume of applications submitted for purchase mortgages fell a seasonally adjusted 3.3% this week. The adjustable-rate mortgage (ARM) share of applications fell to 4.7%, from  4.9% a week earlier. Write to Diana Golobay.

Most Popular Articles

Latest Articles

What happens next for mortgage lenders after the Fed rate cut? 

The Federal Reserve did something this week it hadn’t done in more than four years when it lowered the federal funds rate by half a percentage point. But for mortgage industry professionals hampered by fewer sales opportunities since the Fed’s streak of rate hikes began in March 2022, will this be the start of better days?

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please