Mortgage application activity showed limited response to a further decline in mortgage rates for the holiday-shortened week ending June 3 with overall activity slipping 0.4% on a seasonally adjusted basis. 

According to the Mortgage Bankers Association, the average contract interest rate for 30-year fixed rate mortgages fell four basis points to 4.54% with points decreasing five basis points to 0.95 for 80% LTV loans.  They said this was the lowest the rate had been since November 19, 2011.

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