One of the main reasons activity has slowed is the fact that mortgage rates have increased for the past six weeks. Both 15- and 30-year fixed-rate mortgages edged higher in the week ending June 13, according to Freddie Mac's latest Primary Mortgage Market Survey.
Freddie Mac vice president and chief economist Frank Nothaft said rates jumped following May's solid jobs report.
"Fixed mortgage rates crept up further this week following a solid employment report for May," Nothaft said. "The economy added 175,000 new jobs and the number of discouraged workers fell by 780,000 to the fewest since September 2009."