Mortgage Bankers Association (MBA)

Both the Refinance and Purchase indices increased from a week earlier, but remain significantly lower as compared with last year.

Credit availability continued to tighten in May, according to data from the Mortgage Credit Availability Index.

On an unadjusted basis, the Index decreased 17% compared with the previous week.

According to the latest Mortgage Bankers Association weekly mortgage application survey, applications decreased by 2.3% from last week.

The national median payment applied for by applicants jumped 8.8% in April to $1,889 from $1,736 in March.

Adam DeSanctis promoted from role as director of public affairs.