Mortgage Market Slows Ahead of Fed Meeting

Updated from 9:19 a.m. EDT

Applications for new mortgages and the refinancing of existing ones dipped in the week ended June 25, as interest rates stood still ahead of a widely anticipated 25-basis-point hike in the Fed's benchmark rate Thursday.

The Mortgage Bankers Association, a trade group, said total applications dropped 4.4% in the past week on a seasonally adjusted basis. New mortgage applications dropped by 4.2%, while refinancing activity fell 4.7%.

The decline ended two weeks of increased activity as homeowners and purchasers chased the waning days of low rates. ...