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US mortgage applications drop 1.5%

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US mortgage applications drop 1.5%

U.S. mortgage applications fell in the week ended June 8 after rising in the previous week following eight consecutive declines.

The seasonally adjusted market composite index decreased by 1.5% from the prior week, the Mortgage Bankers Association said. The unadjusted index rose by 9% from the previous week.

Refinance applications declined by 2% from the previous week. The refinance share of mortgage activity remained unchanged at 35.6% of total applications.

Purchase applications were down 2% from the previous week on a seasonally adjusted basis. The unadjusted purchase index increased by 9% from the previous week but was down 0.2% from the same week a year ago.

"Overall mortgage application activity declined as rates rose, but government applications increased, driven largely by increases in [Federal Housing Administration] applications, reflecting stronger demand by first-time homebuyers," said Joel Kan, associate vice president of industry surveys and forecasting at MBA.