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Mortgage applications are up 5.7% for the week ending July 23, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

The details:

– Unadjusted, the index increased 6% compared with the previous week.
– The Refinance Index increased 9% from the previous week and was 10% YoY.
– The seasonally adjusted Purchase Index decreased 2% from one week earlier.
– Unadjusted, the Purchase Index decreased 1% from the previous week—18% lower YoY.
– The refinance share of mortgage activity increased to 67.2% of total applications from 64.9% the previous week.

The takeaway:

“The 10-year Treasury yield fell last week, as investors grew concerned about increasing COVID-19 case counts and the downside risks to the current economic recovery. Refinance applications jumped, as the 30-year fixed mortgage rate declined to its lowest level since February 2021, and the 15-year rate fell to another record low dating back to 1990,” said Joel Kan, MBA’s associate vice president of Economic and Industry Forecasting. “Refinances for conventional loans increased over 11%. With over 95% of refinance applications for fixed rate mortgages, borrowers are looking to secure a lower rate for the life of their loan.”

“The purchase index decreased for the second week in a row to its lowest level since May 2020, and has now declined on an annual basis for the past three months,” added Kan. “Potential buyers continue to be put off by extremely high home prices and increased competition. The FHFA reported yesterday that May home prices were 18% higher than a year ago, continuing a seven-month trend of unprecedented home-price growth.”

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