Mortgage applications in the U.S. increased 7.1% on a seasonally adjusted basis for the week ended June 2 from the previous week, according to the Mortgage Bankers Association.

On an unadjusted basis, the market composite index, which measures mortgage loan application volume, decreased 15% compared with the previous week.

The refinance index increased 3% from the previous week. The seasonally adjusted purchase index rose 10% from the previous week, reaching its highest level since May 2010. The unadjusted purchase index decreased 14% from the prior week.

The refinance share of mortgage activity declined to 42.1% of total applications from 43.2% in the previous week according to the MBA's 's latest weekly mortgage application survey. The adjustable-rate mortgage share of activity decreased to 7.4% of total applications.