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MBA mortgage applications rise in week ending July 2

Published 07/07/2010, 08:11 AM
EUR/USD
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Investing.com – The number of mortgage applications in the U.S. rose in the week ending July 2, industry data showed on Wednesday.

In a report, the Mortgage Bankers Association said its market composite index, a measure of mortgage loan application volume, increased by a seasonally adjusted 6.7%, after an advance of 8.8% the preceding week.

The seasonally adjusted Purchase Index decreased 2.0% from one week earlier.

Commenting on the report, Michael Fratantoni, MBA’s Vice President of Research and Economics said, “Mortgage rates remained near record lows last week, as incoming data on the job and housing markets were weaker than anticipated".

He added "For the month of June, purchase applications declined almost 15% relative to the prior month, and were down more than 30% compared to April, the last month in which buyers were eligible for the tax credit.”

Following the release of the data the U.S. dollar was up against the euro, with EUR/USD shedding 0.31% to hit 1.2587.



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