The Mortgage Bankers Association (MBA) reported this morning that mortgage applications were up only marginally from the previous week. The Seasonally Adjusted Refinancing Index rose only by 1% to 9163 the week ending June 13, rising from 9046.9 the week previous. This increase followed another 10 basis points dip in mortgage rates, which was significant, said Citigroup in a report released this morning.
At the start of the current week, secondary market mortgage rates backed up roughly 15 basis points, reported Citigroup. Primary market mortgage rates are probably going to follow suit shortly. “The rise in rates may convince some homeowners that the time to refinance is running out; consequently, the index may remain near record levels for another week or two,” wrote analysts.