Mortgage applications

For the first time in 4 weeks, mortgage applications increased as rates remained elevated.  The increase was minor as higher rates continues to create problems for the banks interested in higher loan volumes.  Mortgage refinance activity remains low and probably will remain low unless rates move back down.  As the summer selling season winds to close I would expect to see further declines in mortgage applications, especially if we see further rate increases.  The average 30 year fixed mortgage rate was 4.73% according to the MBA.