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Mortgage Applications Drop on Slowing Refis

“Applications for U.S. home mortgages tumbled last week as demand for refinancing slumped for a second week in a row, though new purchase activity edged up, an industry group said on Thursday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 6.7 percent in the week ended June 29.

The MBA’s seasonally adjusted index of refinancing applications slumped 8.4 percent, after a more than 8 percent drop the previous week. The gauge of loan requests for home purchases, a leading indicator of home sales, improved modestly, up 0.6 percent.”

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