Driven by falling mortgage rates, the volume of purchase mortgage applications increased by 5 percent for its seventh straight weekly gain.
Purchase activity increased by 18 percent year over year.
While refinancing volume slid by a modest amount, overall purchases helped make up the difference during the end of May. Year over year, it stood 137 percent higher. Refinancing made up about a 60 percent share of all applications.
Total applications for FHA loans remained unchanged from the previous week, at 11.2 percent. For VA loans, the share fell to 12 percent; USDA loans accounted for less than 1 percent of all loans.
The average loan amount rose to nearly $320,000.
Interest rates dropped in all categories except for FHA loans.
For fixed-rate mortgages, interest rates and points dipped.
The Mortgage Bankers Association said the market index, which measures loan application volume, dropped about 3.9 percent to a seasonally adjusted basis. The holiday may have dragged it down.
Pent-up demand from homebuyers reentering the real estate market is supporting recovery and growth. Job loss and lack of housing inventory, however, continue to hold back greater recovery activity.
Attorneys Funding Group is a full-service mortgage company. We offer conventional financing, FHA financing, VA financing, refinancing, and mortgage consultations with real estate attorneys. Contact us if you are interested in mortgage help.
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