Industry data to be released Wednesday will show whether home loan applications fell for the third straight week as mortgage rates continued to rise.
The Mortgage Bankers Association is scheduled to report its index of mortgage application volume for the week ended June 27 at 7 a.m. EDT. Application volume has fallen to lowest level since late 2001 as interest rates have surged over the past month.
The seasonally adjusted index fell by 9.3 percent to 461.3 for the week ended June 20. Refinance application volume tumbled 12.1 percent, while purchase activity declined 7.4 percent.
The mortgage bankers' index, which stood at 100 when it was launched in March 1990, is derived from a survey of major lenders representing about half of the U.S. mortgages made each week. It does not include loans made by nonbank lenders.
Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages climbed to 6.45 percent last week, from 6.42 percent a week earlier. It was the highest level in more than nine months and the fifth straight week that rates have been above 6 percent.
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