Mortgage Applications Edge Lower Last Week

Washington, DC, June 8, 2011 -- Mortgage applications fell 0.4% last week, the Mortgage Bankers Association said Wednesday.

For the week ending June 3, MBA's purchase index fell 4.4% from a week earlier on a seasonally adjusted basis.

Refinancing activity edged up with the refinance index growing 1.3%.

Mortgage rates for a 30-year fixed-rate mortgage fell to 4.54% from 4.58% a week earlier, the lowest contract rate since Nov. 19.

In addition, the 15-year rate fell to 3.67% from 3.78%, the lowest contract rate since October.

The refinance share of mortgage activity grew to 67.3% of total applications, up from 65.7% a week earlier, making it the highest refinance share in four months.