Mortgage application numbers drop

Mortgage applications dropped 15.8 percent for the week ending June 12 compared to the previous week, according to numbers released today by the Mortgage Bankers Association. Year-over-year, mortgage applications increased 0.3 percent. The association’s refinance index fell 23.3 percent week-over-week and 3.5 percent year-over-year. The average interest rate for a 30-year fixed-rate mortgage dropped to 5.5 percent from 5.57 the previous week. TRD