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Mortgage applications took a dive for the week ending May 27, according to Mortgage Bankers Association’s (MBA) latest Weekly Mortgage Applications Survey.
The Market Composite Index decreased 4.1 percent on a seasonally adjusted basis and decreased five percent on an unadjusted basis from one week earlier. The seasonally adjusted Purchase Index decreased five percent from one week earlier, while the unadjusted Purchase Index fell six percent compared with the previous week, although it was 28 percent higher than the same week one year ago. The Refinance Index took a percent tumble from the previous week, but refinance share of mortgage activity increased to 54.3 percent of total applications from 53.7 percent the previous week.
As for the federal loan programs, the government purchase index fell six percent from one week earlier to its lowest level since November 2015. The FHA share of total applications decreased to 12.5 percent from 12.7 percent the week prior, while the VA share of total applications increased to 12 percent from 11.5 percent and the USDA share of total applications remained unchanged at 0.7 percent.