NEW YORK - Mortgage application volume dropped 5.9% in the week ended June 17, according to data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey.

The refinance index slipped 7.2%, while the purchase index fell 2.8%.

The market index four-week moving average rose 0.4%, while the purchase index four-week moving average decreased 0.7%, and the refinance index grew 0.8%.

Refinances fell to 69.2% of volume from 70.0% a week earlier, while adjustable-rate mortgages dipped to 5.9% of the market from 6.1% the week before.

The average 30-year fixed-rate mortgage rate climbed to 4.57% from 4.51%, while 15-year fixed-rate mortgages rose to 3.70% from 3.67%.

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