A drop in mortgage rates led refinancing applications to increase slightly last week, back to a 30% share of the total, according to the latest Mortgage Bankers Association (MBA) survey for the week ending June 24.
Overall, mortgage apps increased 0.7% on a seasonally adjusted basis from one week earlier, though they came in 49.4% lower than the same week in 2021.
“Mortgage rates continue to experience large swings. After increasing 65 basis points during the past three weeks, the 30-year fixed rate declined 14 basis points last week,” Joel Kan, associate vice president of economic and industry forecasting for the trade details ⇒
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