WASHINGTON (MarketWatch) -- The volume of mortgage applications eased 0.8% in the week ended June 16 compared to the prior week, data compiled by the Mortgage Bankers Association show. Also on a seasonally adjusted basis, applications for mortgages to purchase homes nosed 0.1% higher week to week, while refinancing applications dropped 2.2%.
Refinancings accounted for 35.5% of total applications, off from 35.7% in the week ended June 9, while adjustable-rate mortgages slipped to 29.6% from 30.7%.
Average contract interest rates on 30- and 15-year fixed-rate mortgages rose last week to 6.73% and 6.37%, respectively, from 6.61% and 6.27% a week earlier.
One-year ARMs averaged 6.22%, up from 6.09%.
Overall, the four-week moving average tracking mortgage applications activity was up 1.1%, the MBA said.
an article by Mike Mynard from marketwatch.com
Posted by Marketwatch.com 
on 6/27/06 5:40 AM
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