Mortgage applications increased 4.7% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 31, 2015.
The Market Composite Index, a measure of mortgage loan application volume, increased 4.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 5% compared with the previous week.
The Refinance Index increased 6% from the previous week. The seasonally adjusted Purchase Index increased 3% from one week earlier. The unadjusted Purchase Index increased 3% compared with the previous week and was 23% higher than the same week one year ago.
“Despite recent concerns about the economy, both purchase and refinance applications increased strongly in response to lower interest rates last week,” said Lynn Fisher, MBA’s Vice President of Research and Economics. “Refinance activity was the highest since May when rates were last at this level. The increase in purchase activity was also notable for this time of year, up 23% relative to a year ago.”
To discuss starting your loan application with The Easterbrook Team, give us a call at 916-850-6050 or email: easterbrookteam@spmc.com
John Easterbrook
NMLS# 226555
Patty Aguon
NMLS#994635
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