Mortgage applications declined by 2.6% mainly driven by rising rates, with purchase applications dropping 3% weekly and 12% yearly, while refinance applications were down 2% weekly yet up 29% yearly.
Average rates for 30-year and 15-year conventional loans climbed to 7.12% and 6.96% respectively. Despite exceeding 7%, rate cuts from the Fed are anticipated.
Mike Fratantoni of MBA noted rising mortgage rates surpassing 7%, despite the expectation of a rate cut by the Fed later in the year.
While purchase applications decreased in June, residential inventories grew. Refinance activity remained subdued with a slight increase in conventional refinance loan applications.
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