Purchase activity was up 19 percent year over year, an increase for the ninth-consecutive week, according to new Mortgage Bankers Association data.

Mortgage applications increased last week in both new purchases and refinance applications as some credit-worthy buyers scored mortgage rates under 3 percent, according to the latest mortgage applications survey from the Mortgage Bankers Association (MBA).

MBA’s market composite index — which is a measure of total mortgage loan application volume — jumped 4.1 percent from the week prior.

“Mortgage applications increased last week despite mixed results from the various rates tracked in MBA’s survey,” Joel Kan, MBA’s associate vice president of economic and industry forecasting, said in a statement. “The average 30-year fixed rate mortgage rose slightly to 3.20 percent, but some creditworthy borrowers are being offered rates even below 3 percent.”

The refinance index increased 5 percent from the previous week and was up 122 percent year over year. The seasonally-adjusted purchase index was up 2 percent week over week. The unadjusted purchase index was up 2 percent week over week and was 19 percent higher than the same week last year.

“There continues to be strong homebuyer demand this summer, as home shoppers have returned to the market in many states,” Kan said. “Purchase activity increased again last week and was up 19 percent compared to last year – the ninth straight week of year-over-year increases.”

The increase in refinance applications outpaced the share of new purchases, increasing the total refinance share of mortgages to 64.8 percent of total applications, up from 64.2 percent.

Email Patrick Kearns

Show Comments Hide Comments
Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Only 3 days left to register for Inman Connect Las Vegas before prices go up! Don't miss the premier event for real estate pros.Register Now ×
Limited Time Offer: Get 1 year of Inman Select for $199SUBSCRIBE×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription