Mortgage applications declined by 2.6% on a seasonally adjusted basis during the week ending June 28, according to data released Wednesday by the Mortgage Bankers Association (MBA).

The trade group cited upward movement in mortgage rates as the key reason why. According to HousingWire’s Mortgage Rates Center, the average rate for 30-year conventional loans was at 7.12% on Wednesday, up from 7.06% a week earlier, while the 15-year conventional rate rose from 6.70% to 6.96% during the same period.

Purchase application volume accounted for the bulk of the decline in the overall index as the seasonally adjusted figure details ⇒

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