by Calculated Risk on 6/11/2025 07:00:00 AM
From the MBA: Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 12.5 percent from one
week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage
Applications Survey for the week ending June 6, 2025. Last week’s results included an adjustment for the
Memorial Day holiday.The Market Composite Index, a measure of mortgage loan application volume, increased 12.5 percent on
a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 23
percent compared with the previous week. The Refinance Index increased 16 percent from the previous
week and was 28 percent higher than the same week one year ago. The seasonally adjusted Purchase
Index increased 10 percent from one week earlier. The unadjusted Purchase Index increased 20 percent
compared with the previous week and was 20 percent higher than the same week one year ago.“Coming out of the Memorial Day holiday, mortgage applications increased to the highest level in over a
month, driven by growth in both purchase and refinance applications. Treasury rates saw some
movement during the week, which resulted in additional opportunities for borrowers,” said Joel Kan,
MBA’s Vice President and Deputy Chief Economist. “The rate for 15-year fixed rate loans and FHA loans
saw declines last week, while the 30-year fixed rate was largely unchanged. Purchase applications were
20 percent ahead of last year’s pace, continuing to show strength compared to a year ago. Despite
ongoing uncertainty surrounding the economy, homebuyers seem to be taking advantage of loosening
housing inventory in certain markets.”
…
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances
($806,500 or less) increased to 6.93 percent from 6.92 percent, with points decreasing to 0.64 from 0.66
(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 up 20% year-over-year unadjusted.
Red is a four-week average (blue is weekly).
The refinance index increased but remained very low.
