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US mortgage applications rise after 8 consecutive weekly declines

U.S. mortgage applications increased in the week that ended June 1 after declining for eight consecutive weeks, according to the latest data from the Mortgage Bankers Association.

The seasonally adjusted market composite index rose 4.1% from the previous week. The unadjusted index fell 7%.

Refinance applications increased 4% from the previous week. The refinance share of mortgage activity increased to 35.6% of total applications from 35.3%.

"Refinance applications had fallen for the previous six weeks before this 3.8 percent increase which includes an adjustment for the Memorial Day holiday," said MBA Associate Vice President of Economic and Industry Forecasting Joel Kan.

The seasonally adjusted purchase index climbed 4% from a week earlier, while the unadjusted index fell 8%.

"Purchase applications increased over the week and were 9 percent higher than the same week a year ago, a sign that despite tight housing inventory, purchase activity in 2018 remains stronger than in 2017," Kan said.