The number of applications for mortgage loans increased slightly, Refis – by 3 percent

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Mortgage Bankers Association Weekly review of mortgage applications reported a 2.1% growth in applications for the week ended June 18, 2021. While refinancing was down 9% year-over-year, the refinancing index increased 3%, marking the second week in a row.

According to the report, the seasonally adjusted purchasing index rose 1%, but was 14% lower than in the same week a year ago.

“Mortgage rates rose last week, while the fixed rate for 30 years rose to 3.18% – the highest level in a month. Despite the jump in rates, refinancing increased for the second week in a row, helped by a 4% increase in regular refinancing applications, said Joel Kahn, MBA’s deputy vice president of economic and industry forecasting. “Over the past few weeks, an upward trend has resumed in buy orders. Activity was slightly higher for the third straight week, but remained lower than the same week a year ago. Public procurement applications were the main reason for the increase in the last week, which also contributed to a slightly lower overall average purchase loan size. ”

In addition, the share of refinancing mortgage activities increased to 62.5% of the total number of applications from 61.7% in the previous week. The share of adjustable rate mortgages increased to 3.9% of the total number of applications.

Meanwhile, the share of FHA mortgage applications fell to 9.5%, the VA share fell to 11.2%, and the USDA share remained unchanged at 0.5%.

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