Mortgage applications in the U.S. increased by 7.2% WoW in the week ending Jun. 9 after seeing a decline for two consecutive weeks. The figure is based on Mortgage Bankers Association's (MBA) weekly mortgage applications survey. The seasonally adjusted Refinance Index and Purchase Index increased by 6% and 8%, respectively. - However, both indexes were down 41% and 27% compared to the same week one year ago.
- According to MBA's Deputy Chief Economist, Joel Kan, the average loan size on a purchase loan decreased for the third straight week with more first-time buyer activity in the market.
- Refinance applications constituted 27.3% of total mortgage applications, remaining unchanged from the previous week.
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