Mortgage applications increased 18% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) weekly mortgage applications survey for the week ending June 8. The week's results included an adjustment for the Memorial Day holiday.
The MBA's market composite index increased 18% on a seasonally adjusted basis from one week earlier to the highest level since May 2009. On an unadjusted basis, the index increased over 30% compared with the previous week.Â
The refinance index increased over 19% from the previous week to the highest index level since April 2009. The refinance share of mortgage activity increased to 79% of total applications from 78% the previous week.
The seasonally adjusted purchase index increased around 13% from one week earlier. The unadjusted purchase index increased over 23% compared with the previous week and was 4% higher than the same week one year ago.
The average loan size of all loans for home purchase in the U.S. was $243,733 in May, up from $238,135 in April. The average loan size for a refinance was $226,576, up from $219,664 in April.Â The largest purchase loans were made in the Pacific region at an average of $357,978, while the largest refinance loans were also made in the Pacific region at an average of $313,826.