Mortgage Apps See Almost 4% Weekly Slide

Jun 03, 2020

Director of Events

The Mortgage Bankers Association's Weekly Survey reported a 3.9% decrease in mortgage applications on a seasonally adjusted basis, for the week ending May 29, 2020. On an unadjusted basis, mortgage loan application volume fell 14% compared to the previous week.

Refinance apps also took a hit, sliding 9%, although refinances are still holding strong with last week's numbers sitting 137% higher than the same week year over year. According to the report, the seasonally adjusted purchase index increased 5% from one week earlier but declined 7% on an unadjusted basis.

"Purchase applications continued their recent ascent, increasing 5% last week and 18% compared to a year ago," said Joel Kan, MBA's associate vice president of economic and industry forecasting. "The pent-up demand from homebuyers returning to the market continues to support a recovery from the weekly declines observed earlier this spring. However, there are still many households affected by the widespread job losses and current economic downturn. High unemployment and low housing supply may restrain a more meaningful rebound in purchase applications in the coming months."

Kan also pointed out that unlike the upswing in purchase activity, refinance applications fell for the seventh consecutive week, despite all-time low rates such as the 3.37% 30-year fixed-rate, which happened to be an MBA survey low. He stated refinance activity did reach a peak of 76% of total activity, but now accounts for less than 60%.

The Federal Housing Administration's share of total applications remained stagnant at 11.2%, the VA share dipped slight from 12.4% to 12% and the USDA share of total applications creeped up to 0.7% from 0.6% a week prior.

About the author

Navi Persaud

Director of Events

Navi Persaud is Director of Events at NMP.

Link copied

Published

Jun 03, 2020

Analysis and Data

World Cup Tickets Outpace Mortgage Payments

Monthly mortgage payments have become the new yardstick for sticker shock

For some World Cup fans, the cost of one seat has climbed into mortgage-payment territory.The World Cup kicks off Thursday in Mexico City, opening a six-week tournament across 16 North American host cities. FIFA expects the event to draw between 5 million and 6 million fans,...

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

President Donald Trump abruptly canceled Wednesday’s planned signing of the 21st Century ROAD to Housing Act, throwing the future of a sweeping bipartisan housing affordability package into uncertainty just hours before it was expected to become law.“Today’s Housing News Con...

Aug

Las Vegas, NV

More from

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News

Jun 24, 2026

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power