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Mortgage applications drop again in June

06.28.2013

Home loan application volume recently declined.

The residential housing market recently experienced another decline in home loan application volume during June.

Total application volume dropped 3 percent during the week ending June 21, a report from the Mortgage Bankers Association explained. Despite the drop, there was a rise in the Purchase Index, as it improved 2 percent from a week earlier.

The Refinance Index dipped 5 percent from the previous week, the MBA's Weekly Mortgage Applications Survey noted. There was also a decline in the overall refinance share of mortgage activity, as this dropped to 67 percent. Much of the downward pressure may be due to a recent jump in rate averages.

"Interest rates moved up sharply following the Federal Reserve press conference last Wednesday where it was indicated that the Fed could begin tapering their asset purchases later this year," said Mike Fratantoni, vice president of research and economics for MBA.

The 30-year fixed-rate mortgage averaged 3.98 percent during the week ending June 13, a report from Freddie Mac noted. This was notably higher than the previous week's level of 3.91 percent, as well as a year earlier, when the figure was 3.71 percent.

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