The Mortgage
Bankers Association (MBA) reported on Wednesday the mortgage application volume
in the U.S. fell 3.4 percent in the week ended June 14, following a 26.8
percent climb in the previous week.
According to
the report, both refinance applications and applications to purchase a home dropped
3.5 percent.
Meanwhile, the
average fixed 30-year mortgage rate increased to 4.14 percent from 4.12
percent.
“After seeing a
six-week streak, mortgage rates for 30-year loans increased slightly, which led
to a pullback in overall refinance activity,” said MBA economist Joel Kan. “Strong
demand from first-time buyers and low unemployment continue to push this year’s
purchase activity above a year ago,” Kan noted.