Mortgage applications in the United States increased by 0.8% in the week ending June 21, the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey showed on Wednesday. The average contract interest rate for 30-year fixed-rate mortgages fell only slightly, standing at 6.93% compared to 6.94% the previous week.
The purchase index grew to 147.8 from 146 previously, while the refinance index was virtually unchanged at 552.4, compared to 552.7 the previous week. "Lower rates, however, were still not enough to entice refinance borrowers back, as most continue to hold mortgages with considerably lower rates," MBA’s Vice President and Deputy Chief Economist Joel Kan said.
