Mortgage Applications Drop as Rates Rise, Refis Dry Up

"The summer surge that wasn’t now appears to be firmly in prospective buyers’ rearview mirrors, according to data released Wednesday morning by the Mortgage Bankers Association. The association’s weekly mortgage application survey found that a composite index of purchase and refinance activity fell 8.7 percent on a seasonally-adjusted basis to 508.4 for the week ended June 13."