The Mortgage Bankers Association (MBA) reported its Refinance Index declined to its lowest level since the May 11 week to roughly 4333, or down 6% from last week.

The drop, however, was less than the prior week's 9.2% as lower mortgage rates likely sparked some interest. The contract interest rate for 30-year fixed conforming loans averaged 3.80%, down six basis points, while Federal Housing Administration rates slipped two basis points to 3.60%.

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