US Mortgage Applications Index Fall

Mortgage application volumes fell to 8.7 percent during the week ended June 13 after mortgage rates jumped to its highest level in eight months according to the Mortgage Bankers Association (MBA) weekly application survey.

Refinance application volumes fell 15 percent on a week-to-week basis, and filings for mortgages to purchase homes sank a seasonally adjusted 4.3 percent. The MBA's government purchase index, consisting mostly of loans backed by the Federal Housing Administration, rose 4 percent last week compared with the week before.

Fixed 30 year-year mortgage rates average 6.57 percent in the week, up 33 basis points from the prior week and the highest since July 2007.

The survey provides an overview of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50 percent of all residential retail mortgage originations each week.