Mortgage Purchase And Refinancing Applications Rise

Purchase applications for home mortgages rose a seasonally adjusted 4 percent in the June 1 week. The increase broke a 5-week string of declines and put the unadjusted purchase index 9 percent above the level in the same week a year ago. Applications for refinancing also rose 4 percent from the previous week, increasing the refinancing share of mortgage activity by 0.3 percentage points to 35.6 percent. The average interest rate on 30-year fixed rate conforming mortgages ($453,100 or less) fell 9 basis points from the prior week to 4.75 percent. The week's results included an adjustment for the Memorial Day holiday.