Mortgage applications fell last week, depressed by the rise in interest rates that made refinancing unattractive, according to the weekly survey by the Mortgage Bankers Association.

The bankers said the mortgage application index slipped 7.3 percent to a seasonally adjusted 636.4 in the week ending June 1. On an unadjusted basis, the index decreased 7.4 percent, but it was up 17 percent compared with the same week one year earlier.

Refinances declined 13 percent, the lowest share since July.

Borrowing costs on 30-year fixed-rate mortgages were 6.32 percent, the highest rate since October. The average contract interest rate for 15-year fixed-rate mortgages increased to 6.05 from 5.96 percent. The average contract interest rate for one-year ARMs increased to 5.74 from 5.72 percent.

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