The Mortgage Bankers Association said its seasonally adjusted index
of mortgage application activity, which includes both refinancing
and home purchase demand, fell 9.2 percent in the week ended June
The MBA's seasonally adjusted index of refinancing applications
dropped 12.7 percent, while the gauge of loan requests for home
purchases, a leading indicator of home sales, fell 4.7 percent.
Fixed 30-year mortgage rates averaged 4.36 percent in the week, up 2
basis points from 4.34 percent the week before.
"Interest rates increased relative to the previous week as incoming
economic data continues to suggest a pickup in the pace of growth,"
said Mike Fratantoni, MBA's chief economist.
The survey covers over 75 percent of U.S. retail residential
mortgage applications, according to MBA.
[to top of second column]
(Reporting by Caroline Valetkevitch; Editing by Leslie Adler)
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