Mortgage Applications Dipped 1.5%, Rates Back on the Rise

Mortgage application volume fell 1.5% on a seasonally adjusted basis during the week ended June 8, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey.

The previous week’s results included an adjustment for the Memorial Day holiday.

Applications for refinances fell 2% and applications for purchases also fell 2%, relative to the previous week.

On an unadjusted basis, total volume increased 9% compared with the previous week. Applications for purchases increased 9% on an unadjusted basis but were 0.2% lower compared with the same week one year earlier.

The refinance share of mortgage activity remained unchanged from the previous week at 35.6% of total applications.

The adjustable-rate mortgage (ARM) share of activity decreased to 6.8% of total applications.

The average rate for a 30-year fixed-rate mortgage, based on contract signings, was 4.83%, up from 4.75% the previous week.

The average rate for a 5/1 ARM was 4.11%, up from 4.08%.

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