Purchase mortgage applications increased for the third consecutive week, reaching the highest level of activity since early May, in spite of the 30-year fixed rate increasing slightly to 6.75%.
For the week that ended June 23, mortgage applications climbed 3% from the prior week, according to data from the Mortgage Bankers Association.
“Purchase applications increased for the third consecutive week to the highest level of activity since early May but remained more than 20% lower than year ago levels,” said Joel Kan, MBA’s vice president and deputy chief economist.
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