NEW YORK - Mortgage applications plunged 6.7% in the week ended June 29, as the refinance index fell nearly 8% and the purchase index dropped 7%, according to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey.
Refinances accounted for 78% of applications, down from more than 79% percent the previous week, while adjustable-rate mortgages totaled about 4%.
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) slipped to 3.86% from 3.88%, while the average 15-year fixed-rate mortgages dropped to 3.20% from 3.24%.