Homebuyers , Take Advantage of , Easing Mortgage Rates.br 'Newsweek' reports that the number of mortgage br applications increased for the week ending June 21 br as the cost of home loans has begun to ease. .br According to the Mortgage Bankers Association (MBA) br Market Composite Index, there was a nearly 1 increase br in mortgage applications from the week before.br MBA data shows that it is the third br consecutive week of an increase br in application numbers. .br At the same time, refinancing br activity was up 28 compared br to the same time in 2023.br In recent weeks, mortgage rates have trended br below 7, helping to slightly reduce the cost of br monthly payments for potential homebuyers.br Mortgage rates were mostly br lower last week, with the 30-year br fixed rate declining slightly to br 6.93 percent, the lowest level br in more than three months, Joel Kan, MBA's deputy chief economist, via 'Newsweek'.br According to Joel Kan, MBA's deputy chief economist,br the drop in rates has failed to convince more br homeowners to change the terms of their existing loans.br According to Redfin data, almost 90 of U.S. br homeowners have mortgages below 6, br cheaper than the current market.br Purchase applications did see br a small increase after adjusting br for the Juneteenth holiday, Joel Kan, MBA's deputy chief economist, via 'Newsweek'.