According to MBA’s Builder Application Survey, the median mortgage payment for purchase mortgages climbed from $2,515 in May to $2,520 in June.
Read more: MBA: Housing affordability remains strained despite home price slowdown
Of total applications, the refi share of mortgage activity remained flat at 28.9%, while the adjustable-rate mortgage (ARM) share of activity increased to 6.5%.
“The refinance market continues to feel the impact of these higher rates, and applications trailed last year’s pace by over 30% with many homeowners not looking for refinance opportunities,” Kan said.
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Source: mpamag.com