Mortgage Applications Lower Last Week, Rates Mixed

Posted To: MND NewsWire

Applications for mortgages slowed appreciably during the week ended May 27 and average mortgage rates scattered in all directions. The Mortgage Bankers Association (MBA) said that its Market Composite Index, a measure of loan application volume, posted a 4.1 percent seasonally adjusted decline, its largest single week change since an identical drop during the week ended April 22. On an unadjusted basis the index was down 5 percent, The decline was shared almost equally by applications for refinancing and for home purchase. The Refinancing Index was down 4 percent from the week ended May 20 while the Purchase Index fell 5 percent on a seasonally adjusted basis and 6 percent unadjusted. The unadjusted Purchase Index remained 28 percent higher than the same week one year ago. The Government Purchase...(read more)

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