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Mortgage activity falls in MBA survey

Despite lower rates generally, mortgage applications fell last week on lesser home-purchase and refinancing activity, the Mortgage Bankers Association (MBA) reported.

For the week ending June 22, MBA’s seasonally adjusted composite index declined 4.9 percent compared to the prior week. The refinance index was down 4 percent, and the adjusted purchase index was down 6 percent.

The refinance share of mortgage activity rose 80 basis points to a 37.6 percent share of overall applications.

The average interest rate for conforming, 30-year fixed loans was essentially unchanged, rising just one basis point to 4.84 percent, but points decreased, meaning the effective rate was lower than the previous week. 


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