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Rates Push Application Volume Back to March Levels

Rates Push Application Volume Back to March Levels

Higher interest rates helped to wipe out three weeks of gains in mortgage application activity. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of that activity, decreased 5.7 percent on a seasonally adjusted basis and 6.3 percent before adjustment during the week ended May 24. The Refinance Index plummeted by 14.0 percent from the previous week’s level but stayed 12.0 percent higher than during the same week one year ago. The refinance share of mortgage activity decreased to 31.3 percent from 34.0 percent. [refiappschart] The seasonally adjusted Purchase Index declined for the third straight week, slipping 1.0 percent on a seasonally adjusted basis and 3.0 percent on an unadjusted basis. Purchase loan applications were down 10.0 percent co
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