MNI DATA IMPACT:US MBA Mkt Composite +26.8%,Refi +47% Jun 7 Wk

     WASHINGTON (MNI) - The Mortgage Bankers Association Wednesday reported a

sharp increase in mortgage activity in the June 7 week, with activity up 26.8%

on a further large decline in mortgage rates.

     Here are some of the key features of the report:

     - The Refinance Index rose by 47%, while the Purchase Index rose by 10% in

the current week. MBA said it made adjustment to the previous week to account

for the Memorial Day holiday.

     - The 30-year average rate for a 30-year fixed mortgage fell further to

4.12% in the current week from 4.23% in the previous week, hitting its lowest

point since September 2017. 

     - MBA said that the further decline in mortgage rates was due to trade war

concerns, bearish comments from FOMC members, and the softer employment data in

May. Even with the lower rates, economic uncertainty and supply issues continue

to temper activity, the MBA noted.

     - The unadjusted purchasing index was up 10% from a year earlier. 

--MNI Washington Bureau; tel: +1 202-371-2121; email: kevin.kastner@marketnews.com

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