Mortgage Applications Increase Slightly

As interest rates sit at record lows, mortgage applications increased slightly last week, according to a report released Wednesday by the Mortgage Bankers Association.

The MBA’s Weekly Mortgage Application Survey found that applications increased 2.2 percent for the week ending July 3. The Purchase Index was up 5 percent (on an adjusted basis) from the week before and 33 percent higher than a year ago.

“Mortgage rates declined to another record low as renewed fears of a coronavirus resurgence offset the impacts from a week of mostly positive economic data, such as June factory orders and payroll employment,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. 

The Refinance Index was up 0.4 percent from the previous week and 111 percent higher than a year ago. The refinance share of mortgage activity decreased to 60.1 percent of total applications from 61.2 percent the previous week. The adjustable-rate mortgage share of activity increased to 3.4 percent of total applications.