Ahead of the Bell: Mortgage applications
WASHINGTON --Industry data to be released Wednesday will show whether home loan applications fell last week after mortgage rates jumped to the highest level in nearly eight months.
The Mortgage Bankers Association is scheduled to report its index of mortgage application volume for the week ended June 13 at 7 a.m. EDT.
After three straight weeks of declines, the seasonally adjusted index rose 10.9 percent to 557.1 for the week ended June 6. Refinance volume increased 8.4 percent during the week, while purchases grew by 12.8 percent.
Mortgage company Freddie Mac said Thursday that 30-year fixed-rate mortgages last week rose to an average rate of 6.32 percent nationwide -- the highest level since late October -- and up sharply from 6.09 percent a week earlier.
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. 