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MBA US Mortgage Applications Rebound in Week Ended June 5; Refinancings, New Purchases Both Increase

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Mortgage applications rose by 10.8% in the week ended June 5 after a 2.5% decline in Memorial Day week despite an increase in average 30-year mortgage rates, according to Mortgage Bankers Association data released Wednesday.

Applications for refinancing loans rose by 15%, while new purchase applications increased by a seasonally adjusted 7%.

The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less rose to 6.60% from 6.57% in the previous week.

"Mortgage rates were volatile last week as news from the Middle East continues to drive markets," said Mike Fratantoni, MBA's senior vice president and chief economist. "While the average rate was up slightly, with the 30-year fixed rate now at 6.60%, there were opportunities where borrowers were seeing somewhat lower rates."

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