Mortgage Purchase Applications Fall, Refinancing Rises

The purchase index fell 1.0 percent in the June 21 week but, year-on-year, is up a strong 9.0 percent in what is a strongly favorable indication for home sales. The refinance index gained 3.0 percent in the week. Rates continue to come down, falling 8 basis points in the week for conventional 30-year loans to an average 4.06 percent.