The Mortgage Bankers Association (MBA) reported mortgage applications rose 13% in the week ending June 10 as the average 30-year fixed contract rate eased three basis points to 4.51%. This is the lowest level since last November.
"Mortgage rates have declined for 8 of the past 9 weeks. Coming off of the Memorial Day holiday, refinance application volume increased significantly, as borrowers jumped to lock in the lowest mortgage rates since last November," said Michael Fratantoni, MBA's vice president of research and economics. "The volume of refinance applications still remains 28 percent below levels seen at that time, as borrowers with an incentive to refinance remain constrained from doing so by lack of equity in their homes."