Mortgage application sharply up.

Mortgage applications increased 18.0% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 8, 2012. Last week’s results included an adjustment for the Memorial Day holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 18.0% on a seasonally adjusted basis from one week earlier to the highest level since May 2009. On an unadjusted basis, the Index increased over 30% compared with the previous week. The seasonally adjusted Purchase Index increased around 13% from one week earlier. The unadjusted Purchase Index increased over 23% compared with the previous week.