AgentIndustry News

Mortgage and refi activity drop

MBA survey finds some interest rates climbed to their highest levels since last fall

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Both mortgage applications and refinance activity decreased about 5 percent last week, likely due to rising interest rates, according to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. For the week ending June 26, mortgage applications decreased 4.7 percent and the refinance index decreased 5 percent from the preceding week. Adjustable-rate mortgage applications represented 7 percent of total applications, unchanged from the previous week. The refinance share of mortgage activity decreased to 48.9 percent of total applications, down slightly from 49 percent the week prior. Government loan programs reported mixed results, according to the survey: The FHA share of total applications increased to 14 percent from 13.9 percent the week prior. The VA share of total applications decreased to 10.8 percent from 10.9 percent the week prior. The USDA share of total applications increased to 1 percent from 0.9 percent the week prior. The act...