Mortgage application volume continued to fall during the week of June 13, according to the Mortgage Bankers Association's weekly application survey.
Applications declined 8.8 percent, as fewer consumers sought out new loans and refinanced mortgages. That brought mortgage applications to their lowest rate in six years, due in part to a 15 percent drop in the refinancing gauge.
The Market Composite Index was 508.4, a significant decline from 557.1 in the previous week. The numbers were adjusted to account for the Memorial Day holiday. On an unadjusted basis, the decline was greater - down 9.6 percent on a week-to-week basis and 21.3 percent on a year over year basis.
The Refinance Index decreased 15 percent to 1378.6 from 1622.1 last week. Accordingly, 37.46 percent of mortgage activity took place through refinancing last week, down from 39.8 percent in the previous week. The conventional and government purchase indices also saw declines of 6.1 and 3.3 percent, respectively.
The adjustable-rate mortgage share made up less than 10 percent of total activity, down to 9.7 from 10.3 percent of total applications.
Interest rates increased across the board for all kinds of mortgages. They jumped from 6.24 percent to 6.57 percent on the 30-year fixed-rate, from 5.78 percent to 6.14 percent for the 15-year fixed-rate, and from 6.87 percent to 7.22 percent for the one-year ARM.
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