Fewer prospective mortgage borrowers pulled the trigger in June, according to a new report from Mortgage Capital Trading.

Mortgage rate locks decreased 7.84% in June compared to the previous month.

This drop follows a brief uptick in volume at the beginning of the traditional buying season, suggesting a continuing stalemate between limited housing supply and higher interest rates (they were 7.11% on Friday), MCT said this week.

While purchase locks fell 8.99%, refinances increased by 11.56%. Overall, on a year-over-year basis, volumes in June increased 6.11%.

In a statement, MCT’s Andrew Rhodes, the company’s head of details ⇒

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