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Mortgage applications pick up ahead of holiday

Mortgage applications jumped up ahead of the Independence Day holiday even as interest rates rose to the highest level since May, the Mortgage Bankers Association (MBA) reported in its latest weekly survey.

For the week ending June 30, MBA’s composite index rose 1.4 percent over the prior week on an adjusted basis. Refinance activity fell 0.4 percent, while MBA’s adjusted purchase index rose by 3 percent from the prior week.  

 The refinance share fell 70 basis points to 44.9 percent of all applications.

The 30-year fixed rate on mortgages with conforming balances jumped seven basis to 4.2 percent, the highest mark since May.  

"Purchase applications reached their highest level in two weeks based on ongoing strength in employment and other factors that contribute to a healthy housing market, such as consumer confidence and sentiment," said Joel Kan, MBA associate vice president of economic forecasting.

Mortgage applications have risen in three of the past four weeks.


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