In the week ending August 9, 2024, mortgage applications surged by 16.8% from the previous week, according to the Mortgage Bankers Association (MBA). This increase was driven by a 35% jump in refinance applications, which reached their highest level since May 2022. Overall, the Market Composite Index, which measures mortgage loan application volume, also rose 16.8% on a seasonally adjusted basis.
The rise in applications was attributed to declining mortgage rates, with rates for 30- and 15-year fixed-rate mortgages are on a decreasing trend. The refinance share of mortgage activity increased to 48.6%, while the purchase index saw a modest 3% increase. Interest rates for various mortgage types showed slight decreases, except for jumbo loans and adjustable-rate mortgages, which experienced marginal increases.
Source: mba.org