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MBA US Mortgage Applications Rise Slightly in Week Ended June 26 on Decline in Mortgage Rates

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Mortgage applications rose by 0.04% in the week ended June 26 due to a modest drop in 30-year fixed mortgage rates, according to Mortgage Bankers Association data released Wednesday.

This follows an 1% gain in overall activity in the week ended June 19.

Applications for refinancing loans fell by 1%, while new purchase applications increased by a seasonally adjusted 1%.

The average contract interest rate for 30-year fixed mortgages with loan balances of $832,750 or less declined to 6.57% from 6.59% in the previous week.

"Mortgage rates eased slightly last week as oil prices declined," said Joel Kan, MBA's vice president and deputy chief economist. "As a result, mortgage applications increased modestly, with an uptick in purchase activity offsetting a smaller decline in refinances."

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