Mortgage Applications Down 3.4 Percent

There were fewer people seeking home loan applications, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 26.

 

The Market Composite Index was down by 3.4 percent on a seasonally adjusted basis and down by four percent on an unadjusted basis. The seasonally adjusted Purchase Index decreased by one percent and the unadjusted Purchase Index dropped by three percent compared with the previous week—but the latter was also seven percent higher than the same week one year ago. The Refinance Index slipped by six percent from the previous week as the refinance share of mortgage activity decreased to 43.2 percent of total applications from 43.9 percent the previous week.

 

Among the federal programs, the FHA share of total applications decreased to 10.5 percent from 10.8 percent the week prior while the VA share of total applications increased to 10.8 percent from 10.5 percent and the USDA share of total applications remained unchanged at 0.8 percent.

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