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Quarantines Lift, Mortgage Volume Explodes

Friday, July 10, 2020   /   by Erik Bjorklund

Quarantines Lift, Mortgage Volume Explodes

Mortgage Bankers Association (MBA) says that mortgage application volume rose
significantly during the week ended June 5 as many states began to lift
on individuals and businesses imposed in response to the COVID-19
pandemic. MBA's Market Composite Index, a measure of mortgage loan application
volume, increased 9.3 percent on a seasonally adjusted basis from one week
earlier and was 20 percent higher on an unadjusted basis. Purchase
applications continued upward
, gaining 5 percent from the previous week on a
seasonally adjusted basis, the eighth straight week of gains. The volume was up
15 percent before adjustment and was 13 percent higher than during the same
week in 2019. The
Refinance Index gained 11 percent compared to the previous week and was 80
percent higher than the same week one year ago. The refinance share of mortgage
activity increased to 61.3 percent of total applications from 59.5 percent the
previous week.

...(read more)

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