Demand for refis, purchase loans falls

Rates stabilize above recent lows

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Applications for mortgages were off 15.8 percent last week as demand for both refinancings and purchase loans fell, the Mortgage Bankers Association said.

Applications for refinancings fell 23.3 percent from the previous week, while applications for purchase loans were down 3.5 percent, according to the MBA’s Weekly Mortgage Application Survey for the week ending June 12.

Borrowers seeking to refinance accounted for 54.1 percent of applications, down from 59.4 percent the previous week.