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Mortgage activity jumps 8%

The Market Composite Index, a measure of mortgage loan application volume by the Mortgage Bankers Association’s (MBA) weekly survey, increased by 8.2% on a seasonally adjusted (SA) basis from May to June. In comparison to June 2023, the index is up by 1.0%. The Purchase and Refinance indices, over the month, are up by 4.1% and 14.3% (SA), respectively. On a yearly basis, the Purchase Index decreased by 10.8%; the Refinance Index, on the other hand, increased by 29.4%, according to the National Association of Home Builders.

The increase in mortgage activities brought about by a 9.8 basis points (bps) decline in the 30-year fixed mortgage rate, from an average rate of 7.08% in May to an average of 6.98% in June. However, compared to the same month last year, the mortgage rate for June is higher by 19.8 bps.

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The average loan size for the total market (including purchases and refinances) is down by 2.0% from May to $373,500 on a non-seasonally adjusted (NSA) basis in June. Similarly, the month-over-month change for purchase loans decreased 1.7% to an average size of $431,000 (NSA), while refinance loans increased by 4% to an average of $268,500 (NSA). The average loan size for an adjustable-rate mortgage (ARM) increased by 2.9% for the same period, from $1 million to $1.03 million.

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