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Mortgage applications continue fall in late June


Mortgage rates dropped during late June.

Mortgage application volume continued to react to rising rates in recent weeks, as the figures again trended down as June came to a close.

Overall mortgage application volume dropped 11.7 percent during the week ending June 28 compared to the previous week, a report from the Mortgage Bankers Association showed. There was also a decline in the Purchase Index, as it dropped 3 percent during the week.

The Refinance Index declined 16 percent compared to a week earlier, the association's Weekly Mortgage Applications Survey noted. Another decline occurred in the refinance share of mortgage activity, as it fell to 64 percent from the previous week's level of 67 percent.

"Mortgage rates reached their highest point in two years last week," said Mike Fratantoni, vice president of research and economics at MBA. "At these rates, many fewer homeowners have an incentive to refinance, and refinance application volume declined more than 15 percent.  With this decline in volume, the refinance share dropped to its lowest level in more than two years."

Despite the drop, there are many positive aspects to the housing market still present. A report from the National Association of Realtors showed the level of pending home sales rose more than 6.5 percent during May compared to April's level.

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