Mortgage Applications Fall 2.5% as 30-Year Rate Eases to 6.57%
Updated
Updated · CNBC · Jun 3
Mortgage Applications Fall 2.5% as 30-Year Rate Eases to 6.57%
2 articles · Updated · CNBC · Jun 3
Summary
Total mortgage application volume fell 2.5% last week, even as the average 30-year fixed conforming rate slipped 8 basis points to 6.57%.
Purchase applications dropped 3% to their slowest pace since April, showing the modest rate decline was not enough to revive homebuying demand.
Refinance applications fell 2% to the weakest level since last June, although both purchase and refinance activity remained above year-earlier levels.
Easing energy prices tied to the Middle East helped pull rates lower, while the 5-year ARM rate edged up as the yield curve flattened.
Mortgage News Daily said rates were essentially flat early this week, with bond markets awaiting Friday's U.S. employment report for a bigger potential move.