Ahead of the Bell: Mortgage Applications

The Mortgage Bankers Association is scheduled to report its index of mortgage application volume for the week ended July 4 at 7 a.m. EDT. Application volume fell last month to the lowest point since late 2001 as interest rates have risen steadily since late May.

The seasonally adjusted index rose by 3.6 percent to 477.7 for the week ended June 27. Refinance application volume grew 4.7 percent, while purchase activity increased 2.8 percent.

The mortgage bankers' index, which stood at 100 when it was launched in March 1990, is derived from a survey of major lenders representing about half of the U.S. mortgages made each week. It does not include loans made by nonbank lenders.

Freddie Mac, the mortgage company, reported Thursday that rates on 30-year fixed-rate mortgages fell to 6.35 percent last week, from 6.45 percent a week earlierIt was the sixth-straight week that rates have been above 6 percent.