Mortgage Purchase And Refinancing Applications Surge

The June 15 week was an active one for mortgage bankers as the purchase index rose a solid 4.0 percent and the refinance index 6.0 percent. Despite the jump in the purchase index, its year-on-year rate remains in the negative column for a second straight week, at minus 1.0 percent. Turning back to refinancing, the outsized gain increased the share of mortgage activity to 36.8 percent of total applications vs 35.6 percent in the previous week. The average rate for 30-year fixed mortgages with conforming balances ($453,100 or less) was unchanged at 4.83 percent.