Mortgage Apps Rebound Following Holiday Week

After a slight drop to end May, mortgage applications bounced back with the start of June.

According to figures released by the Mortgage Bankers Association (MBA), loan application volumes rose 10.3 percent on a seasonally adjusted weekly basis for the week ending June 6. The increase followed a 3.1 drop in May's last week, which included an adjustment for the Memorial Day holiday.

Removing adjustments, MBA reported a 22 percent surge in applications last week from the prior period.

On the refinance side, the group recorded an 11 percent pickup in applications, bringing the refinance share of total activity up slightly to 54 percent. A year ago, refinance share sat at an estimated 68 percent as mortgage rates picked up and demand started to come down from 2012's boom levels.

Last week, MBA recorded an average rate of 4.34 percent for a 30-year fixed-rate mortgage with a conforming loan balance—up from 4.26 percent a week prior. Points increased to 0.16 (including the origination fee) for 80 percent loan-to-value ratio loans.

Meanwhile, last week's measure of purchase loan application volumes pulled up a seasonally adjusted 9 percent. Unadjusted, purchase loan apps rose 19 percent week-over-week, remaining down 13 percent compared to the same week a year ago.