Highlights
The Mortgage Bankers' purchase index rose 1.5 percent in the June 1 week to 433.6, a level right at the four-week average of 432.8. MBA's data have been firming through the spring in one of the few upbeat signs for the housing market. The gains are being made despite rising interest rates as 30-year fixed mortgages averaged 6.35 percent, up 3 basis points in the week. Rising rates have however been cutting into refinancing applications which fell 6.3 percent in the week to 1,757.1. Monthly housing data for May won't start unrolling until the week after next.