After increasing 5.1% the previous week, mortgage applications retreated and fell 4.9% during the week ended June 22, according to the Mortgage Bankers Association’s (MBA) Weekly Applications Survey.
Applications for refinances decreased 4% while applications for purchases fell 6%.
On an unadjusted basis, total volume fell 6% compared with the previous week. Applications for purchases decreased 7% on an unadjusted basis but were 1% higher compared with the same week one year earlier.
The refinance share of mortgage activity increased to 37.6% of total applications, up from 36.8% the previous week.
The adjustable-rate mortgage (ARM) share of activity decreased to 6.5% of total applications.
The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.84%, up slightly from 4.83%.
The average rate for a 5/1 ARM was 4.01%, down from 4.06%.
