The Mortgage
Bankers Association (MBA) reported on
Wednesday that the mortgage application volume in the U.S. fell 2.6 per cent in
the week ended June 28, following a 0.8 per cent rise the week before. This represented the first drop in total mortgage
application volume in four weeks.
According to
the MBA’s data, last week’s decline in mortgage applications reflected a 3.3 per cent plunge in mortgage
applications to purchase a home and a 1.5 per cent decrease in mortgage
refinance applications.
The report also showed that the average fixed
30-year mortgage rate jumped from 6.93 per cent to 7.03 per cent,
the highest level in four weeks.