Mortgage apps continue rise; purchase apps hit 11-year high

Mortgage applications increased 8.0 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending June 12, 2020.

The Market Composite Index, a measure of mortgage loan application volume, increased 8.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 7 percent compared with the previous week. The Refinance Index increased 10 percent from the previous week and was 106 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 21 percent higher than the same week one year ago.

The refinance share of mortgage activity increased to 63.2 percent of total applications from 61.3 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 2.8 percent of total applications.