Mortgage Applications Fall As Rates Rise

According to The Mortgage Bankers Association’s Weekly Applications Survey, total loan application volume fell 2.3 percent last week. The Refinance Index dropped 0.7 percent, as the average contract interest rate for 30-year fixed-rate mortgages rose from 4.66 percent to 4.84 percent. The Purchase Index fell 5.0 percent after three weeks of increases. Michael Fratantoni, MBA’s vice president of research and economics, said refinance activity has weakened as rates have risen but purchase demand is still near levels last seen in early May. More here and here.

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