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Quarantines Lift, Mortgage Volume Explodes

Posted To: MND NewsWire

The Mortgage Bankers Association (MBA) says that mortgage application volume rose significantly during the week ended June 5 as many states began to lift restrictions 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…(read more)

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