Mortgage applications snap two-week loss

Mortgage applications increased 2.2 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending July 3, 2020. This week's results include an adjustment for the Fourth of July holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 8 percent compared with the previous week. The Refinance Index increased 0.4 percent from the previous week and was 111 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 5 percent from one week earlier. The unadjusted Purchase Index decreased 5 percent compared with the previous week and was 33 percent higher than the same week one year ago.

The refinance share of mortgage activity decreased to 60.1 percent of total applications from 61.2 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 3.4 percent of total applications.