Weekly Mortgage Apps Drift Lower
Rising rates and sparse inventories continue to hamper the mortgage market. The Mortgage Bankers Association (MBA) said its Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis during the week ended May 26 and was down 5.0 percent on an unadjusted basis. It was the third straight week of slowing activity.
The Refinance Index decreased 7 percent from the previous week and was 45 percent lower than the same week in 2022. The refinance share of mortgage activity decreased to 26.7 percent of total applications from 27.4 percent the previous week. [refiappschart]
The seasonally adjusted Purchase Index was down 3 percent compared to the prior week and 4 percent before adjustment. The index was 31 percent lower
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