Mortgage applications have fallen for the fourth straight week amid elevated mortgage rates, according to a recent report by the Mortgage Bankers Association (MBA).
The volume of mortgage loan applications fell by 1.4 percent for the week ended June 2, on a seasonally adjusted basis, said an MBA press release on June 7. On an unadjusted basis, the decline was 12 percent. “Mortgage rates declined last week from a recent high, but total application activity slipped for the fourth straight week. The 30-year fixed rate dipped to 6.81 percent, 10 basis points lower than last week, but still the second highest rate of 2023,” said Joel Kan, MBA’s vice president and deputy chief economist.
