Mortgage Applications Declined in the Week Ending May 26th—The Third Consecutive Drop
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Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage Applications Decrease in Latest MBA Weekly Survey
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey, for the week ending May 26th, the Market Composite Index—a measure of mortgage loan application volume—declined 3.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5.0% compared with the previous week.
The Refinance Index dropped 7.0% from the previous week and was 45.0% lower than the same week one year ago.
The seasonally adjusted Purchase Index declined 3.0% from one week earlier. The unadjusted Purchase Index decreased 4.0% compared with the previous week and was 31.0% lower than the same week one year ago.
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