As families shelter in place during the pandemic, the value of having a dream home could be on the mind. That’s reflected in information that mortgage applications increased 2.7% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending May 22. It marks the sixth consecutive weekly increase and a jump of 54% since early April.
It’s a prime time for credit unions to emphasize home loans and equity loan options to members who want to find the perfect home or make their existing nest more suitable for their family.
The Market Composite Index, a measure of mortgage loan application volume, increased 2.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 3% compared with the previous week. The Refinance Index decreased 0.2% from the previous week and was 176% higher than the same week one year ago.
Purchase applications increased 9% last week, and the purchase loan amount has increased steadily in recent weeks and is now at its highest level since mid-March. Conventional refinance applications increased 2%, while government refinancing was down almost 7 percentage point.