Mortgage Application Volume Hits 15-Month Low; Rates Wait For Motivation
The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, fell again during the week ended May 28. It was the 15 th time the index has retreated in the 21 weeks since the year began. The Index decreased 4.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5 percent compared with the previous week. The Refinance Index dropped 5 percent from the previous week and was 6 percent higher than the same week in 2020 which was a holiday week. The refinance share of mortgage activity decreased to 61.3 percent of total applications from 61.4 percent the previous week. The seasonally adjusted Purchase Index declined by 3 percent. It was down 5 percent before adjustment and 2 percent lower
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