US Mortgage Applications Decline in the Week Ending May 16
Mortgage Applications Decrease in Latest MBA Weekly Survey
According to the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, May 16, the Market Composite Index—a measure of mortgage loan application volume—decreased 5.1% 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 decreased 5.0% from the previous week but was 27.0% higher than the same week one year ago.
The seasonally adjusted Purchase Index decreased 5.0% from one week earlier. The unadjusted Purchase Index decreased 6% compared with the previous week but was 18.0% higher than the same week one year ago.
Commenting on the results of the latest survey, MBA Senior Vice President and Chief Economist Mike Fratantoni said:
“Mortgage rates jumped to their highest level since February last week, with investors concerned about rising inflation and the impact of increasing deficits and debt. Higher rates, including the 30-year fixed rate increasing to 6.92%, led to a slowdown across the board. However, purchase applications are up 13% from one year ago.”
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