Mortgage Purchase Applications Rise Sharply

Purchase applications for home mortgages rose strongly in the June 3 week and were up 12 percent from the prior week when seasonally adjusted to account for the Memorial Day holiday, while refinancing increased by 7 percent. Unadjusted, however, purchase applications decreased by 12 percent from the previous week. Mortgage activity continues to benefit from very low rates, with the average 30-year mortgage rate for conforming loans ($417,000 or less) down 2 basis points from the prior week at 3.83 percent.