Mortgage Applications Fall 3.8% as 30-Year Rate Holds at 6.60%
Updated
Updated · CNBC · Jun 17
Mortgage Applications Fall 3.8% as 30-Year Rate Holds at 6.60%
3 articles · Updated · CNBC · Jun 17
Summary
Total U.S. mortgage application volume dropped 3.8% last week, with demand weakening among both homeowners seeking refinances and prospective buyers.
A 6.60% average rate on 30-year conforming loans masked a volatile week: hotter CPI pushed rates up early, then optimism over the Strait of Hormuz pulled them back down.
Refinance applications fell 5% from the prior week but remained 17% above a year earlier, while purchase applications slipped 3% and were 3% higher than a year ago.
Homebuyers still face lean supply, high prices and uncertainty over inflation and the economy, limiting the benefit of slightly lower borrowing costs.
Mortgage News Daily said rates have since fallen to their lowest since May 14, with investors watching the Fed's first meeting under Chairman Kevin Warsh for policy signals.