Mortgage applications increased 2.4% from one week earlier, after a series of drops and a few peaks over the last few weeks, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending July 18, 2014.
The Market Composite Index, a measure of mortgage loan application volume, increased 2.4% on a seasonally adjusted basis from one week earlier.
The Refinance Index increased 4% from the previous week. The seasonally adjusted Purchase Index increased 0.3% from one week earlier.
“Consumers took action on the lowest mortgage rates we’ve seen since the beginning of 2013,” said Quicken Loans vice president Bill Banfield. “The jump in application volume is a welcome change after a few sluggish weeks of mortgage activity.”