The Mortgage Bankers Association (MBA) announced on Wednesday that the
mortgage application volume in the U.S. rose 0.7 percent in the week ended June
24, following a 4.2 percent climb the week before. This was the third straight weekly gain
in total mortgage application volume but the weakest one as well.
According to the MBA’s data, last week’s gain was mainly due to a 1.9
percent jump in mortgage refinance applications. In addition, mortgage
applications to purchase a home posted a 0.1 percent uptick.
The report also revealed that the average fixed 30-year mortgage rate decreased from 5.98
percent to 5.84 percent, but still remained close to its 2008 levels.
Commenting on the latest survey results, Joel Kan, MBA Associate Vice
President of Economic and Industry Forecasting, noted the retreat in mortgage
rates led to a marginal increase in refinancing last week, while purchase
activity remained pressured by increased mortgage rates, high home prices, and
growing economic uncertainty.