Mortgage applications rose five percent for the week ending June 7, a turnaround from the 11.5 percent drop the previous week, according to what the Mortgage Bankers Association (MBA) tells HousingWire. Although 11 percent lower than the two weeks prior, and 36 percent below the high point at the beginning of May, the refinance rate rose five percent for the week ending June 7. MHProNews has learned the refinance portion of mortgage activity inched up one point to 69 percent from a week earlier. In addition, the average 30-year fixed rate mortgage (FRM) backed by the Federal Housing Authority (FHA) rose to 3.81 percent, the highest rate since April 2012.

(Image credit: HousingWire)