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MBA Mortgage Application Survey better than expected

For the week ending June 19, both the purchase and refi indexes showed week to week growth as mortgage rates began to fall slightly.

  • Total index came in at 548.2, up 6.6% from the prior week
  • Purchase index was at 280.3, up 7.3% from last week
  • REFI index was at 2116.3, up 5.9% from the prior week

We certainly did not anticipate such positive news.  However, we must note that this data also displays the sensitivity level of purchases and ref's to mortgage rates, which is very high.  If inflation shows its ugle head (which many fear it will), purchases and refi's could plummet very quickly.