Mortgage applications increased 0.8 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Applications
Survey for the week ending June 21, 2024. This week’s results include an adjustment for the Juneteenth
holiday.The Market Composite Index, a measure of mortgage loan application volume, increased 0.8 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 10
percent compared with the previous week. The Refinance Index was essentially unchanged from the
previous week and was 26 percent higher than the same week one year ago. The seasonally adjusted
Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index decreased
10 percent compared with the previous week and was 13 percent lower than the same week one year
ago.“Mortgage rates were mostly lower last week, with the 30-year fixed rate declining slightly to 6.93 percent,
the lowest level in more than three months,” said Joel Kan, MBA’s Vice President and Deputy Chief
Economist. “Lower rates, however, were still not enough to entice refinance borrowers back, as most
continue to hold mortgages with considerably lower rates.”Added Kan, “Purchase applications did see a small increase after adjusting for the Juneteenth holiday.
Government purchase loans, primarily FHA and VA, saw gains of more than 2 percent over the previous
week, as homebuyers in those segments sought to take advantage of the recent rate relief.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($766,550 or less) decreased to 6.93 percent from 6.94 percent, with points unchanged at 0.61 (including
the origination fee) for 80 percent loan-to-value ratio (LTV) loans.
emphasis added
Click on graph for larger image.
The first graph shows the MBA mortgage purchase index.
According to the MBA, purchase activity is down 13% year-over-year unadjusted.
