Mortgage Applications Drop
Mortgage Applications Drop
The Mortgage Bankers Association said on Wednesday that mortgage applications fell last week after climbing sharply the week before, as demand for refinancing loans fell amid higher interest rates. The group's seasonally adjusted index of mortgage application activity, which combines stats fro refinancing and purchase loans, dropped 5.9 percent for the week ended June 17th.
The MBA's seasonally adjusted index of refinancing activity fell 7.2 percent, while its measure of purchase loan activity fell 2.8 percent. The share of all applications represented by refinancing loans dropped to 69.2 percent from 70 percent in the prior week.
The average rate for a 30 year, fixed rate mortgage during the week was 4.57 percent, up from 4.51 percent the week before.
The Mortgage Bankers Association said on Wednesday that mortgage applications fell last week after climbing sharply the week before, as demand for refinancing loans fell amid higher interest rates. The group's seasonally adjusted index of mortgage application activity, which combines stats fro refinancing and purchase loans, dropped 5.9 percent for the week ended June 17th.
The MBA's seasonally adjusted index of refinancing activity fell 7.2 percent, while its measure of purchase loan activity fell 2.8 percent. The share of all applications represented by refinancing loans dropped to 69.2 percent from 70 percent in the prior week.
The average rate for a 30 year, fixed rate mortgage during the week was 4.57 percent, up from 4.51 percent the week before.
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