Mortgage Applications Decrease Again, Volatile Rates, Stagnant Inventories

Mortgage Applications Decrease Again, Volatile Rates, Stagnant Inventories

The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 4.6 percent on a seasonally adjusted basis during the week ended May 19 and was 5 percent lower than the previous week on an unadjusted basis. It was the second consecutive weekly decline. The Refinance Index was down 5 percent and was 44 percent lower than the same week one year ago. The refinance share of applications was unchanged at 27.4 percent.   [refiappschart] The seasonally adjusted Purchase Index fell 4 percent . The unadjusted version was 5 percent lower week-over-week and 30 percent lower on an annual basis. [purchaseappschart] “ Mortgage applications declined almost five percent last week as borrowers remained sensitive to higher rat