US mortgage applications down by 1.4% - Breaking The News

US mortgage applications down by 1.4%

7 June

1 min read

EPA-EFE/JIM LO SCALZO

Mortgage applications in the United States, calculated on a seasonally adjusted basis, decreased by 1.4% in the week ending June 2, the Mortgage Bankers Association (MBA) revealed in its report published on Wednesday. The week before, the figure went down by 3.7%.

The 30-year mortgage rate increased to 6.81%, improving from the 6.91% recorded in the previous seven-day period. The Market Index came in at 194.7, declining from the previous week's 197.4. The Purchase Index went down from 154.4 to 151.7. The Refinance Index landed at 409.7, decreasing from the 412.5 observed the week before.

"Purchase activity is constrained by reduced purchasing power from higher rates and the ongoing lack of for-sale inventory in the market, while there continues to be very little rate incentive for refinance borrowers," MBA's Deputy Chief Economist Joel Kan commented.

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