Mortgage applications fell 0.4% last week, with fewer borrowers purchasing homes and the Memorial Day holiday interrupting sales, the Mortgage Bankers Association said Wednesday. For the week ending June 3, the industry trade group’s purchase index fell 4.4% from a week earlier on a seasonally adjusted basis. The unadjusted purchase index also fell 15.2% over the previous week, but remains 9% higher than last year. Refinancing activity also edged up with the refinance index growing 1.3%. MBA said the four-week moving average for its seasonally adjusted market index and refinance index rose 1% and 2.1%, respectively, while the four-week moving average for the seasonally adjusted purchase index fell 1.6%. The trade group’s latest data on mortgage rates shows the 30-year fixed-rate mortgage falling to 4.54% from 4.58% a week earlier, the lowest contract rate since Nov. 19, 2010. In addition, the 15-year, FRM fell to 3.67% from 3.78%, the lowest contract rate since October. During the same week, the refinance share of mortgage activity grew to 67.3% of total applications, up from 65.7% a week earlier, making it the highest refinance share in four months. Write to Kerri Panchuk.
Mortgage applications drop as home purchases fall
Most Popular Articles
Latest Articles
Did lower mortgage rates slow housing inventory growth?
After two weeks of significant increases, my model for inventory growth with higher mortgage rates came crashing down last week.
-
Labor market report is good news for mortgage rates
-
Virginia Realtors: Zillow’s touring agreement may not be legal
-
Low inventory creates challenging conditions in North Carolina’s housing market
-
Tri-state area housing shortage could cost the region economically
-
Remote reverse mortgage counseling now permanently permitted in Massachusetts