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Mortgage applications during the past week jumped sharply, buoyed by low interest rates, the Mortgage Bankers Association reported June 12. The Market Composite Index recorded a weekly increase of 38% for purchase applications (on an unadjusted basis) while the Refinance Index increased 47% (unadjusted) — its highest level since 2016.
Mortgage rates were unchanged during the past week as easing trade tensions helped to stabilize markets, Freddie Mac reported June 13 in its Primary Mortgage Market Survey. Freddie noted that since rates are at historic lows, many homeowners have refinanced their mortgages, which helped maintain housing market momentum.
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