Purchase Loan Volume up, Loan Size at Record High

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Posted To: MND NewsWire

Mortgage applications increased last week driven by a significant uptick in applications for purchase mortgages. Refinance volume rose only fractionally. Overall, applications for mortgages, as measured by the Mortgage Bankers Association’s (MBA’s) Market Composite Index increased 2.3 percent during the week ended May 20 on a seasonally adjusted basis and were up 2.0 percent unadjusted. The MBA said refinancing applications were only 0.4 percent higher than during the week ended May 23 while applications for purchase money mortgages were up 5.0 percent on a seasonally adjusted basis and 4 percent unadjusted. The unadjusted index was 17 percent higher than during the same week in 2015. The size of an average purchase loan application reached the highest in the history of the MBA survey , $307…(read more)

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