US Mortgage Applications Decline in the Week Ending May 30

According the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending Friday, May 30, the Market Composite Index—a measure of mortgage loan application volume—decreased 3.9% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 15.0% compared with the previous week.

The Refinance Index decreased 4.0% from the previous week but was 42.0% higher than the same week one year ago.

The seasonally adjusted Purchase Index decreased 4% from one week earlier. The unadjusted Purchase Index decreased 15% compared with the previous week but was 18% higher than the same week one year ago.

Commenting on the latest survey, MBA Vice President and Deputy Chief Economist Joel Kan said:

“Most mortgage rates moved lower last week, with the 30-year fixed rate declining to 6.92% and staying in the 6.8–7% range since April. Mortgage applications decreased over the week but continue to exhibit annual gains, with purchase applications running 18% ahead of last year’s place. Government purchase applications were little changed over the week driven by a slight increase in FHA purchase applications. Refinance activity fell across both conventional and government segment and the overall average refinance loan size was the smallest since July 2024, as potential borrowers hold out for larger rate drops.”