Now that mortgage rates are rising, fewer homeowners are interested in refinancing their home loans.
A national index of mortgage activity showed that refinancing applications dropped a seasonally adjusted 11.8 percent for the first week of June compared with the previous week, the Mortgage Bankers Association reported Wednesday.
Mortgage applications showed some strength, however, rising a seasonally adjusted 1.1 percent compared with the previous week, according to the MBA's weekly survey.
Overall, the MBA's Market Composite Index fell a seasonally adjusted 7.2 percent. The decline in application activity was the lowest since February
A national index of mortgage activity showed that refinancing applications dropped a seasonally adjusted 11.8 percent for the first week of June compared with the previous week, the Mortgage Bankers Association reported Wednesday.
Mortgage applications showed some strength, however, rising a seasonally adjusted 1.1 percent compared with the previous week, according to the MBA's weekly survey.
Overall, the MBA's Market Composite Index fell a seasonally adjusted 7.2 percent. The decline in application activity was the lowest since February
