Mortgage Bankers Association (MBA)

June decreased to 0.81% from May's 0.85%.

In latest weekly survey, applications decreased 1.7% from one week earlier.

The 0.3% decrease indicates that lending standards are constricting.

Rates fell for second-straight week, but purchase applications hurt by low inventory and affordability challenges.

Should lead to minimal excess housing supply and have no measurable reduction in housing prices. 

On an unadjusted basis, the Market Composite Index decreased 20%.