Mortgage Purchase And Refinancing Applications Decrease

Mortgage activity quieted in the June 22 week as purchase applications for home mortgages decreased from the prior week by a seasonally adjusted 6 percent while applications for refinancing were down by 4 percent. Unadjusted, purchase applications were 1 percent higher than in the same week a year ago, back in positive year-on-year territory after turning negative in the prior two weeks. The refinance share of mortgage activity rose by 0.8 percentage points to 37.6 percent. The average interest rate for 30-year fixed rate conforming mortgages ($453,100 or less) rose 1 basis point to 4.84 percent.