Mortgage applications fell 5.5% on an adjusted basis for the week ending June 12 from a week earlier, according to the Mortgage Bankers Association weekly applications survey.
The Market Composite Index, which measures mortgage-loan application volume, dropped 6% on an unadjusted basis, compared to
The MBA's Refinance Index for the week ending June 12 decreased 7% from the previous week, its lowest level since January. As a percentage of all mortgage activity, refinancing fell to 48.5% of total applications.
The average interest rate for a 30-year fixed-rate mortgage with conforming loan balances — those with balances of $417,000 or less — rose five basis points from 4.17% to 4.22%. The same mortgage type with jumbo loan balances — balances greater than $417,000 — rose three basis points from 4.15% to 4.18%.
