In the latest Weekly Mortgage Applications Survey by the Mortgage Bankers Association showed an increase in mortgage applications. As of the week of June 11th, mortgage applications increased by 4.2% compared to the previous week.
In addition, the Refinance Index increased by 6% compared to the previous week, but was 22% lower than the same week one year ago. This was a result of the 30-year fixed rate falling for the third week straight. At 3.11%, it is the lowest it has been since May.
These numbers show that applications have bounced back after three weeks of declines. Both purchase and refinance applications were up.
Even though supply constraints continue to slow the housing market, purchase activity also rebounded. However, it is still 17% bellow what it was this time last year.
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