Meanwhile, the average 15-year fixed-rate mortgage inched up one basis point to 2.24%. The five-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) was down from last week’s average of 2.55% to 2.52%.
Read more: MBA survey shows rebound in mortgage application volume
“While mortgage rates are low, purchase demand has weakened over the last couple of months, primarily due to affordability constraints stemming from high home prices,” Khater said. “With inventory tight, the slowdown in demand has yet to impact prices, meaning the summer will likely remain a strong seller’s market.”