Purchases Out Front of Drop in Mortgage Apps

Despite the lowest long-term fixed rates in over a year, new applications for home loans moved down — with purchase financing activity leading the drop.

A seasonally adjusted 2 percent decrease from one week earlier was recorded for the Market Composite Index for the week that ended on June 10.

The index, which is a measure of mortgage loan application volume, actually climbed 21 percent, however, from the week that included Memorial Day.

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From:: Financing