Mortgage applications in the United States jumped by 10.8% in the week ending June 5 compared to the previous week, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey revealed on Wednesday.
According to the report, the average contract interest rate for 30-year fixed-rate mortgages rose to 6.60% from 6.57%. The Refinance Index climbed 15% from the prior week and was 20% higher than a year earlier, while the seasonally adjusted Purchase Index advanced 7% on a weekly basis and increased 4% year-over-year.
"Mortgage rates were volatile last week as news from the Middle East continues to drive markets," MBA Senior Vice President and Chief Economist Mike Fratantoni said. "While the average rate was up slightly, there were opportunities where borrowers were seeing somewhat lower rates," he added.
https://breakingthenews.net/Article/US-mortgage-applications-up-by-10.8/66478385
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