Market Updates
Mortgage Applications Edged Higher for 3rd Week
Brian Turner
28 Jun, 2023
New York City
Mortgage loan application volume increased 3% on an adjusted basis from the previous in the week ending June 23.
On an unadjusted basis, application volume declined 8%, Mortgage Bankers Association's weekly survey showed.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $726,200 or less increased to 6.75%, an increase of 2 basis points from the previous week.
Mortgage loan application volume increased for the third week in a row and rose to the highest level since early May but remained 20% below from a year ago.
Despite the recent rebound, mortgage application for a new home declined 21% and refinance dropped 32% from a year ago.
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