Mortgage applications slip as interest rates climb for 6th straight week

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As interest rates continued to climb, applications for purchase loans for the week ending June 14 slipped a seasonally adjusted 3 percent from a week earlier, but were up 12 percent from the same week last year, according to the results of the latest Mortgage Bankers Association (MBA) Weekly Mortgage Applications Survey.

Meanwhile, applications for refinance loans decreased 3 percent on a weekly basis, the MBA said.

The MBA also reported that rates on 30-year-fixed-rate mortgages with loan balances of $417,500 or less hit their highest rate since March 2012, increasing to 4.17 percent last week from 4.15 percent a week earlier.

That marked the sixth straight weekly increase. Source: MBA