Mortgage applications increased 4.1 percent last week, driven by new refinance requests and a slight increase in new purchase applications, according to a report released Wednesday by the Mortgage Bankers Association.
For the week ending July 17, purchase applications were up 2 percent from the week before – and 19 percent higher than last year at this time. Refinance applications were 5 percent higher for the week and 122 percent higher than last year.
“There continues to be strong homebuyer demand this summer, as home shoppers have returned to the market in many states,” said Joel Kan, MBA’s associate vice president of economic and industry forecasting. “Purchase activity increased again last week and was up 19 percent compared to last year – the ninth straight week of year-over-year increases.”
The refinance share of mortgage activity increased to 64.8 percent of total applications from 64.2 percent the previous week. The adjustable-rate mortgage share of activity remained unchanged at 3 percent of total applications.