Mortgage Application Volume Declined on Holiday-Shortened Week; Rates Move Lower Again

Mortgage Application Volume Declined on Holiday-Shortened Week; Rates Move Lower Again

Mortgage application activity slowed further during the week ended June 4, a short business week due to Monday's Memorial Day holiday. The impact of the holiday was magnified in annual comparisons because it occurred a week earlier in 2020. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume, decreased 3.1 percent on a seasonally adjusted basis compared to the prior week and was down 13 percent on an unadjusted basis. The Refinance Index decreased 5 percent from the previous week and was 27 percent lower than the same week one year ago. Refinancing made up 60.4 percent of application activity during the week. The share the previous week was 61.3 percent. The seasonally adjusted Purchase Index ticked up 0.3 percent from one week earlier