Mortgage Bankers Association (MBA)

MBA says drop due to rising rates and declining inventory.

The national median mortgage payment drops marginally and affordability was flat.

Average purchase loan size surges to a high of $432,700 since May-end amid persistent affordability challenges.

Applications, however, fell 5% from May, due in part to rising mortgage rates.

A decline in mortgage rates mostly boosted refinance applications.

A resilient labor market drove forbearance rates lower, the MBA says.